Getting Laid Off!!

[Evan Bell]

So just got some news today from my employer that I didn't exactly need to hear - most likely going to be laying me off at the beginning of October.....

Normally I would see this as a huge problem - no job means no income right? Well I'm looking at it as an opportunity instead. An opportunity to find a job in the real estate world so I can be around it day in and day out. An opportunity to send my business plan out to potential partners and equity partners and get a flip done in the next few months.

All that being said, I've gotta figure some stuff out, and QUICK!! At least my company's owner had the decency to tell me ahead of time and not just spring it on me as he hands me my last paycheck.

I'll put it out there right now - Are there any investors in Arizona that need an assistant? I am interested in flip and fix and multifamily investing. I am a hard worker and have a beautiful wife and daughter to support, whom I REFUSE to let down. Please PM me or post in this thread with any info.

Thank you very much!!

[David Dachtera]

@Evan Bell,

That's GREAT! You'll be able to do REI full time!

Yeah - I know, that sounds nuts, and things could get rough financially for a while.

In the long run, though, it will work out for the best.

Stuff I've learned since my last lay-off... (Thanx to Renatus)

If you have any reserves you can fall back on, do it. In fact, get in touch with a savvy business / tax attorney and set this up for yourself:

If you have any retirement accounts, roll them all into a self-directed IRA. You can use that as seed-capital to fund a business(-entity structure) which can generate income and pay you a salary. Use the 1:2 salary/dividend split to limit your payroll tax liabilities.

It likely won't replace your salary, but it will help initially while you establish new streams of income.