All Forum Posts by: Kyle R Vreeland

Hi Kyle,

Agree 100% with Brandon on all points. Get yourself employed again and put a budget plan together to save as much money as possible for an even bigger down payment on your first property. Maybe consider a trusted partner or personal loan from family if that is an option. 

But definitely stay employed somewhere, any job, while you do rei on the side… you must always have some form of income if not multiple flows of income. While you work, research markets you are interested in and study/read everything you can about REI. I'm doing this right now preparing for my first investment property. Approaching 50yrs old so clocks ticking and I can't believe it took me this long to open my eyes to REI. Always wanted to, but never seemed to have enough money or time to learn. All was excuses. With anything, You have to put the time in and just do it.

As for bosses… I’ve had plenty. Some good, some really bad. I quit a lot, but always had another job lined up first before making the move. Looking back, I was only quitting on myself. There is ALWAYS something to learn from every individual on this planet. Even the bad boss will teach you what NOT to do so you won’t make the same mistakes in the future. I truly believe moving through all the jobs and bosses I’ve had has helped shape me into a better person and manager. So, learn from them. Do your best at any job you have. Learn as much as possible and give it 100%. Then move on when the time is right and you have another, better opportunity lined up.

All the best to you!

Craig

Hey Kyle,

I hate to be a Debbie Downer but it is not a good idea to quit your job when starting to invest in real estate. For conventional loans, your employment and income will be a huge factor in the bank deciding whether to loan to you or not. One option is looking into a DSCR loan which is based off the income of the property. But I am going to be bluntly honest with you:

* In the future, do not quit your job without a plan. You may put yourself into a hole that is hard to dig yourself out of
* "Didn't like working for my boss" is not a good reason to just leave a job. Many of us do not like working for our bosses, but it is a short term sacrifice we must make in order to springboard our real estate investing. 
* Depending on your market, $10k is not a lot of money to start purchasing real estate. If you were employed, you could possibly get away with an FHA loan, but with no job, you may have to figure out how to come up with a 20-25% down payment for a DSCR loan. Also, if you were employed, you would still be required to have some reserves in the bank to pick up a property with a conventional loan.

On the flip side, there is always a way to make something work. If you decide to stay unemployed for a while or permanently, you will need to become creative in the way you obtain property. Maybe you could look into wholesaling to start, in order to build up your funds. Maybe you could partner with another investor and pick up property that way. Maybe you can work with a family member. There are a number of ways to do it, but you will have to figure it out. 

Lastly, I have no right to tell you whether you are right or wrong for your choice so please forgive me if I come off that way. Just giving you feedback based on my experience. My recommendation, start with the end in mind. Think about where you want to be in the future and develop your plan backwards from there. 

Good luck on your journey!

First off I appreciate your honesty and transparency telling me the reality of what it takes to even consider starting. I'm using my time off to put together my investing plan long-term that best fits what i'm looking to accomplish. I do have another job lined up when i'm ready to get back to saving, in the meantime like you mentioned, I would like to try wholesaling to see if that's a viable option for me. Still have a lot of work to do and thank you for your honesty and insight from your experiences. Thank you Brandon for leading me in the right direction, I need as much help as I can get! Have a great day 

@Kyle R Vreeland its a lot to take in right now.  Stay active on BP and you'll be fine.  I am not far from you, happy to connect some time if you need some input.

Way more substance needed such as are you married to the girl in the photo and is she on board?  Do you have life insurance if married? What is your income? Do you currently own or rent?  If you've never bought a house and are married you should buy a primary residence first.  Someone on here will tell you to house hack.  It's great that the tenant lives next door.  It's also bad that the tenant lives next door.  Also, you're going to be selling to investors with a multifamily and they want a deal.  Single family can sell to retail buyer. Yes pay off all debt first before investing.  I can tell by your post you lack patience, get more first.  That's my advice for beginners.