Newbie needs advice because of Job loss

Newbie here from Washington State saying hello to all of the Real Estate Investors here. I just got a notice today saying that my technology job is moving to India and I have approx 30 days left until I am unemployed. The job market here in this location is difficult to put it lightly so I am going to focus my efforts on Real Estate Investing. I understand that it’s a difficult task to become an Investor in 30 days.
This is something that I didn’t just wake up and say “Yeah I want to” I have been going to courses for over 2 years but fear has caused me to stay on the sidelines and watch. I watched the RE boom and Bust and I watched all of the Subs go for those ARM loans and default. I realize that the market changes very quickly so I want to be ready to change plans when the need arises. If I don’t become a Real Estate Investor then my family will suffer financially and I could never forgive myself for the situation that I am in.

So the question is: What would be a recommended technique to start out for a person with no reserve capital yet? Any help would be appreciated!! thanks


The very first thing you need to do is find another job. Starting a REI business (or any other business) when you’re unemployed is VERY difficult. Starting a successful REI business when you are unemployed and have no reserve capital is nearly impossible. If you were afraid to start a REI business when you were employed, then you should be TERRIFIED now.

Get another job and then think about starting a REI business.

Good Luck,


let’s see…no job, no money and no experience…and we’re going into the worst RE market in a decade or more. This is just a very, very bad idea.

REI does not pay out like a job: deals allows take longer than expected (or fall apart), you have unexpected expense or just don’t make money.

So tell me how you are going to eat when you have no immediate income? I’ll concur with the others, get a job.

I first tried to get started while I was taking a break from school, while unemployed and no funds. It didn’t happen. My advice may be basic and cliched on here but it’s necessary. REI success won’t happen overnight.

  1. Find a job (you’re going to need to have some kind of income, you don’t expect to have money come within 30 days do you?).

  2. If possible save a percentage of every paycheck and put it in a savings account (there are E-banks that have less overhead and pass savings to customers, better rates for you). Keep this for investing purposes only.

  3. Keep reading and studying all you can about REI. As you get accustomed to the various methods of obtaining property, you’ll be able to “conjure” up your own method as seen fit to each particular property’s situation.

  4. Network with other people in professions related to real estate. Tips may come from having a relationship with someone that knows of what you’re looking for.

Fundamental, I know. But if executed on a consistent basis, you’ll have something going for yourself. As you go about these steps, the experience and know-how you’ll gain will evidently let you know what you need to tweak in your goals and will allow you to set up the next plan of action. Good luck.

Also, trying to start with no job you’ll probably trash your credit…definitely need good credit to operate in the current market.

Quite frankly…a “job” is a dead end.

Hone your selling skills. Get books…audios…on how to master selling.

Move to a “job” where you can be more financially compensated for your newfound selling skills.

Stash this money. All the while work towards your desire to be a real estate investor.

Just some food for thought.

P.S. Wasn’t Kiyosaki a top sales producer for Xerox before his investment career?

A job is necessary in obtaining funds. How can you say it’s dead end? That’s how everyone starts. It’s dead end if that’s all a person is stuck doing their whole life without improving their situation. Sales is a type of job.

Thank you Mike for that advice, I appreciate that. I never mentioned that I was fearful or terrified because I am not. I realize that it will all work out in the end…no matter what
but I’m going to end up where I want to be that’s why I asked about what techniques can be used without any capital until I can build enough cash reserves. After I build some cash reserves I will invest in rentals, (Mike’s speciality, which I will purchase his book soon).

I like that “Unique” thinking, I think there is some merit in that passage. I burn every week I work 50 to 60 hours a week and although I get appreciated from my boss the layoff ax is happening to him as well…So much for my reccommendation!!!

I have enough income saved for my living expenses to last me for a year but I don’t have enough income to invest. I keep those two separate and I don’t want to dip into my living expenses money, If I do then I’m in bad shape!!!

I quit my job (as a bartender) at the beginning of this year after I had completed a few wholesale deals and a few rehabs. BIG MISTAKE!! I have been able to put a few deals together here and there, but I can tell you that it has been REALLY, REALLY, TOUGH. The stress of having to find a deal in order to eat or pay your bills is not a fun thing to deal with on a perpetual basis. It has definitely taken a toll on me, and I would not suggest jumping in full time to anyone unless they were sitting on a mountain of cash or had enough experience to be getting deals CONSISTENTLY.

I’m not trying to rain on your parade at all, just trying to give you a realistic heads-up as to what you might experience.

Good luck,

After I build some cash reserves I will invest in rentals, (Mike's speciality, which I will purchase his book soon).
You will need capital reserves and a good debt to income ratio to accomplish this goal. I believe that 5% of the purchase price should be your minimum capital reserve. Do a search on this site for the topic "cash flow"