Hey! I know the feeling I two have been laid off for a short time. However I am at a dead end job. I have been interested in real estate investing for some time now and I am about to start doing it full force.
Real Estate is a great answer to you reaching financial independence. I suggest reading any kind of book on real estate you can find, I also highly recomend you reading all of the How to Articles on the www.creonline.com webpage. E-mail me if you need to.
Posted by Steven on November 06, 2002 at 11:54:17:
I have recently been laid off from my job.
My severance package will continue to pay me until 3/21/03.
I should have approx. $20,000 saved by that time before I will need to dip into it to pay my monthly expenses.
I own 2 properties in the Northeast. The home I live in has a new first mortgage of $174,000 and an equity line of credit of $21,000 of which $18,000 is outstanding.
This homes’ current market value is approx. $270,000.
My second property is a duplex, both sides are rented,
mortgage of $155,000, $143,000 outstanding, $400 monthly positive cash flow, current market value approx. $210,000.
I have no other debts.
I am finding it very difficult to find work at this time.
Based on my situation, could real estate investing become a full time job for me and how would I proceed?
Any responses would be greatly appreciated.
I would encourage you to try to find other employment. Very few individuals are able to start making their living from real estate in the time that your mention.
You have some experience with rental real estate which helps you some. But, the only way I think you could pull this off would be to switch to quick-resale investing. Buy bargains and resell rapidly. There are some people who could get a program like this ramped up fast enough to be earning their livings with it in a few months. Whether you could do so or not, I cannot tell, not knowing you.
If you are a good salesperson, that would be a positive for your chances. If you have experience at direct marketing, that could help.
If you do want to try it, you will want to study the real estate market where you are to find out what niche would work for you. And you will need to study vigorously such topics as subject to, lease-option, owner financing, advertising, and so on. If you don’t know about selling, you would need to read several books on the topic, I would suggest.