Leaving 6 figure job and getting into the game!

[Ray T.]

Long time listener, first time caller...

I currently work in NYC(hours daily commute from CT) for a large company in a (low)executive role. I have wanted to get into property my entire life, I listen to the pod casts, read the forums and analyze deals daily. I have finally realized the only way to do it, is to do it. I'm very unhappy working 70 hour weeks to get by(High salary, heavy expense/tax/cost of living area) So I listed my home for sale and am planning a move to Daytona Beach, Florida. 

My Plan:

After I sell my home I will be paying off all of my debt. I will have roughly 80,000 in cash left. I would like to find a multi family(2,3 or 4 - whatever numbers I can make work) and buy with 20% down. I should have no problem with financing as I will have the cash for a conventional mortgage and a 150k income. Once I secure the deal I plan on moving in with a family member there(so little/no cost) and then finding another DEAL(3 or 4 unit) BUT - this time I will buy with a VA loan and 0 down. I have really as much time as I need to find this property so once I can find one where I can live in it for free(expenses included) I will move there. After that I may search for an easier level flip to secure a little more money for my next investment.

Unfortunately, I wouldn't call this quiet 'financial freedom' so I will have to have some other income during this process. I will find something that's hourly and 40 hours a week or less and NOT in a management setting. My focus is no longer multi million dollar projects, it will 100% be on myself and achieving true financial freedom. If anyone is the the Palm Coast / Daytona Beach / Orlando areas and want to chat about the area / getting started I'm all ears.

My home is listed in a very hot market, I expect it to be sold by next week. Followed by up to 2 months to close etc. I plan on being in Florida with my first unit already purchased and rented by the end of the year(hopefully sooner) Thanks for the read, look forward to finally getting in the game.

[Theresa Harris]

While I applaud your decision, I see a few problems.  How are you going to borrow money with no income?  You say after paying off all of your debts, you have $80K cash. Is $80K enough for a down payment for both a home for your to live in and a multifamily home in Florida?  You also mention a $150K income, but if you moved to Florida and quit your job, you won't have that income to qualify for a loan.