Checking Things Out...

[Shawn Ennis]

Hi all - I was laid off last week, and just in the days since that happened I've been seeing a pretty nasty trend of professionals with a bunch of experience being out of work for extended periods of time. Given that, I'm trying not to put all of my eggs in the basket of finding another traditional job. I've got great credit, my only debt is my mortgage, and I've got a little bit of money, so I'm trying to see if real estate is a realistic option that will allow my family to live semi-normally while I build things up. Looking forward to learning!

[Benjamin Aaker]

Hi Shawn,
Thanks for the question and welcome to BP. Real estate is a great way to gain wealth but it happens slowly, like planting a tree. Sorry to hear about your job. It looks like you will have a cash flow issue. Forget investing for a minute: work on cutting expenses right away. Determine how long you could go without any income given your readjusted expenses and any savings you have built up. Consider doing gig economy things (ride-share or upwork/fiverr) to make ends meet. Once you know how long you can go, you can start planning your future. Becoming a real estate agent might be the way for you to get into real estate but still have some income. Make sure your family is on-board with whatever you decide and good luck. This could be the best thing that ever happened to you.