Entrepreneur at heart...looking for a new start

[Steve Dorman]

I figured it was time for me to introduce myself to the BP community. So here I am. 

Background:

I am currently 30 - living in a cold, non business friendly state. I am spending my time and energy operating three separate businesses - one seasonal service business, one retail, and one e-commerce website. I am also married and own a SFR that I built when I was 19 - thanks to easy credit and sweat equity. But needless to say I am exhausted with the pursuit of making money. I don't enjoy or take pride in any of my current three businesses, but they make money - easy money. But I want to focus my energy on something I enjoy, and make an attempt at creating more passive income. Not that renting or flipping homes is easy money, but it's a lot easier to do something you enjoy rather than despise.

So earlier this year I decided that there is no point in working my life away anymore for the sake of easy money. Plus I've realized that with my time and attention split how many different ways, my quality and attention to detail is lacking in all areas of my life. So this year (2014) I will be ending my one seasonal business and selling it off. The other retail business will be liquidated in the spring of 2015 when our lease term ends. I will keep the e-commerce website for now so I still have some income. 

Come Spring of 2015 my life and finances will look like the following:

Me unemployed. My wife unemployed as she runs the retail store. We also plan on selling our primary residence and moving far, far south to a more business friendly state and warmer climate. Did I mention I want start investing in real estate? That is all well and good, but without any W2 income, I doubt many lenders will want to talk. Our credit scores are both 750+, and we have zero debt (wife has some student loans). 

Financially:

$100k from the sale of our house

$100k in liquid savings aka cash

$30k in retail store liquidation

$10k in additional savings and sale of personal items before moving

---------- Liquid Assets = $240k

$50k sale of business/structured owner financing $5k down/$2500 per month for 18 mos

$30k avg on e-commerce website per year

---------- Non W2 income per month = $5k for at least 18 months

A lot of personal info there, but I need all the details to formulate a plan. Ideally I would like to buy a cheaper house, fix it up and live there while we find a more permanent home. Then eventually just rent that out. However with interest rates so low I would like to scoop up ten properties and rent them all out. Maybe flip one house per year. 

Perhaps my first question should be....who will lend to me with decent rates but no guaranteed income? Sure I could pay cash but I really want to take advantage of low interest rates. 

Anyhow any feedback/questions are appreciated. I hope to really make some life changes in the very near future.

[Curtis Roddy]

Hi @Steve Dorman Welcome back to Bigger Pockets and to the Texas Investing forums, Bigger Pockets has a wealth of information for new investors and offers lots of support for those just getting into real estate investing, especially in Texas. Make sure you check out the BP Beginners guide and start listening to the BP podcasts. I have learned a lot from reading and listening to both of these.

I specialize in investing in distressed property and providing distressed property leads. If you need any help with getting involved in distressed property investing let me know and I can try and point you in the right direction.