Can become a full-time investor if I lost my job?

[Elizabeth D.]

Hello all- I’m trying to turn this temporary setback into a positive opportunity. I’ve recently and unexpectedly lost my job. Prior to losing my job, I acquired 2 homes and updated for rentals. I’ve ‘lurked’ boards, read books and blogs but just haven’t been able to actually make a move beyond a personal traditional real estate purchase. I figured now might be the right time to find my guts but I keep asking myself if I can become an investor if I lost my job? I do enjoy real estate and I’m curious if anyone else been in this situation? Thanks!

[Account Closed]

The 800 pound Gorilla in the room is the "Financing."  

Your ability to avoid sinking too much of your capital into Dead Equity by obtaining mortgage loans...without a job, will be key.

Now, if you're one of those who are listening to 1994 Carlton Sheets cassettes, with no money in the bank, bad credit, living with mom and dad, but just a desire to purchase, then stop wasting your time and concentrate on finding a job.

However, if you have 25% to put down with at lease 5% left over after closing in "reserves" and decent credit, you're in business, even without a job.

If this is the case, do as I advise and open an LLC today. BUT make sure you include one or both of these words in the name of the LLC

• Rentals
• Properties

There are some very important reasons and benefits for doing this, so just do it.

Good luck!