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Updated about 2 years ago, 09/27/2022
Full-time flipping for a day job?
First time poster— forgive me for the vague question, but I’m trying to organize my thoughts and plans!
I’m currently selling my home at a fair profit ($250K with a 1031 exchange) and using the proceeds to go into a real estate business with my mother. She has a great W2 job and a home of her own. I also have a small amount of cash saved up ($20K).
We’d like to put most of the funds from the sale of my house into rent and hold real estate investments to build wealth over time.
BUT… I closed a business when I sold my home. I acknowledge that I still need a day job. But I struggle with the routine of most jobs. I would LOVE to find a way to do real estate full time as quickly as possible. Is it realistic to start into our first flip while simultaneously beginning our rental portfolio? And, if I work full time on the flip, can flipping be my full-time job? I’d be happy to live in the flips (or in my RV on site) during each rehab. I’d be willing to do flips anywhere in the USA.
… that’s what I’d really love to do— invest in rentals and do flips as my full-time job. Any insights to talk me into or out of this plan would be great!