Well, its been an interesting few days. I lost my job Thursday. Id appreciate any advice. I figured Monday would be the best day since 9-5'ers are at their desk probably sneaking onto BP or full time investors are connecting and helping people like me online.
A little background. I was already planning on leaving my job and going out on my own as an investor, just not this soon! I wanted at least another 2 MF's or 6-7 doors under my belt. When I say this all I hear is "its never the right time" in my head & In a way, this lay off felt like a weight lifted off my shoulders because i've wanted to take the jump into full time real estate for a while, and this just feels like my push in the right direction. I got laid off on the same day I had planned on getting all my paperwork together for my lender for a pre-approval on a 5% conventional loan. I still gathered everything I needed, but Instead of sending all the info over to him that afternoon I decided to hold off for the weekend and really check out all my other options. Should I take another approach? (hard money, private money,partnering,etc), or should I wait until I go back to work and go the conventional way until my portfolio is big enough? ideas?
I have some savings but not enough for a 20% down in my area unless its something like a studio, I was going to do a 5% down conventional loan on a SFR. I currently own 1 property, 3 units which I house hack. I have equity in my property that i was going to use to help fund my next multi-family. I live just north of Boston, Massachusetts to give you a better idea of my market.
I'll probably be unemployed for 2 months at most. I'm eligible for unemployment, I live below my means so this is plenty for me. No kids, no wife. Im looking for the best way to spend my time wisely. I have the entrepreneurial mindset and "working for the man" is just soul sucking. The thought of waiting for the right time, and going back to a "secure job/paycheck" is pretty depressing to me. I have the drive and motivation to get my portfolio where I want it to be, I don't expect it to be easy nor would I want it to be. I'll enjoy the journey much more than being stuck in the rat race, but I just need some guidance on where to start.
Im mostly interested in multi-families over SFR's. I'm looking for financial independence, & after reading so many books like rich dad poor dad, the e myth, think and grow rich, and the 4 hour workweek I feel like I just can't work for the man any more. Im looking for a lifestyle change and I see an opportunity in this lay off. I feel like I've kind of rambled, but I wanted to give a decent background.
Thanks in advance for even reading! & Thanks for helping. You guys are awesome.
