Laid off newbie investor seeking advice

[Steven Wade]

Hi Everyone,

I just got laid off from my job, and I'm trying to plan next steps as a beginner investor. I'm in San Diego County (Escondido), and my wife I were just starting to look for deals out of state in San Antonio. We were planning to BRRR using cash and money from a HELOC for the original purchase, but the HELOC fell through due to the employment change. I know there are some alternate options for funding the deal such as private/hard money, but I'm not sure about trying that for our first deal, when we don't really have much experience out of state. I'm wondering if it is best to wait until I get employment again to get the HELOC and continue to invest, or if there is another option I'm overlooking.

I'm also considering if I can transition to an career that would better position myself to invest in Real Estate, specifically becoming an agent. So my question is, do you have any advice on what you would do to progress toward financial independence through Real Estate if you were in my situation? 

Being unemployed currently, I find myself with more time to hustle than I had previously, so if any investor in SD county needs an extra hand on a deal, feel free to hit me up.

Thanks,

Steven

[Thomas S.]

Your hustle efforts should be directed entirely toward finding re-employment. A solid W2 is the foundation investing is built upon.

I would not advise transition to a new career as that will take considerably longer to build back up to the income level of your present career. The best career for investors is the one that pays the most. Stay focused, don't jump around.  Agents are a dime a dozen, income will be sporadic and could disappear with a down turn in the economy. Assuming your present career was good paying stick with it. The only purpose of working is to earn money and to qualify for financing.