What should I do? (Flipper thinking about quitting job)

[Josh H.]

I am REALLY confused about what to do. My wife and I have grown our flipping business over the past couple of years to doing 10 flips currently.

I was just getting ready to quit my job that pays $150,000/year to focus on real estate full time, but the rising interest rates has me very concerned, with no end in sight. We just had a .75% rate rise yesterday and will likely see another one by the end of the year (maybe two?). We have enough money to last at least a year. The hope was to quit my job and focus on finishing our 10 flips because it has become too much for my wife to handle. We are in the Northern Virginia and Maryland markets in case that is helpful

I am concerned that if we see a big dip in prices, I will regret it because the 10% profit we typically get ($50K on a $500K flip) will basically mean we are doing flips for free.

I would love for some very seasoned investors to give their opinion on whether I should stay in my job, or focus on our flipping business that is doing well

Thanks,

Josh

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Quote from @Josh H.:

I am REALLY confused about what to do. My wife and I have grown our flipping business over the past couple of years to doing 10 flips currently.

I was just getting ready to quit my job that pays $150,000/year to focus on real estate full time, but the rising interest rates has me very concerned, with no end in sight. We just had a .75% rate rise yesterday and will likely see another one by the end of the year (maybe two?). We have enough money to last at least a year. The hope was to quit my job and focus on finishing our 10 flips because it has become too much for my wife to handle. We are in the Northern Virginia and Maryland markets in case that is helpful

I am concerned that if we see a big dip in prices, I will regret it because the 10% profit we typically get ($50K on a $500K flip) will basically mean we are doing flips for free.

I would love for some very seasoned investors to give their opinion on whether I should stay in my job, or focus on our flipping business that is doing well

Thanks,

Josh

 With a W2 of $150,000 you should be cash flowing, not flipping. Meet with a tax professional, ASAP.