Thanks in advance for any help relating to my situation! I'm 32, in a long term relationship, and have no intention of having children. I have lived in Central California for the last 8 years running my own medical cannabis business and paying taxes as self employed person. I've made the decision that I'm done with my current industry and ready to pursue a new career in real estate. Within the real estate industry I'd like to utilize the buy and hold strategy to build up a portfolio of rental units so that in ten or fifteen years I can have some decent passive income. I've been researching everything I can, and have committed myself 100% to making this my life for the foreseeable future. I’ve decided to move to Columbus, Ohio to pursue this new career based on their growing economy/population, price-to-rent ratio, proximity of a few hours from where i grew up, being a place I’d enjoy living, ect… I’m in the process of pulling the trigger and moving out there in the next month. After I sell my home and pay off my debt I should walk away with 300-350k in the bank. Once I’m debt free my credit score should shoot up from 700 to 750+. The problem that I have now is obtaining financing so I can leverage as much of my money as I can to buy cash flowing properties. I’ve been talking to a mortgage broker in Columbus to find a way to make this work. The problem I have is even though I averaged around 35k after deductions on my taxes the last three years, that wont carry over since I’m moving across the country and changing careers. I was told that they could qualify me as long as I excepted a full time w-2 job, with a offer letter, and 30 days worth the pay stubs. I was told what I do after those 30 days would have no bearing on the loan. So now my dilemma is finding good a paying job to obtain the loans. I have no college degree, and other then self employment my only work history is as a food server and a raft guide. I do have many skills I’ve acquired through being a small business owner, but I’m not sure how to demonstrate my value to potential employers. If the job didn't need to be a w-2 I could bust my but driving ubber/lyft or become a real estate agent but I don't think that will work. I’ve thought about quickly becoming certified/licensed in a blue collar field, but the most promising leads I’ve had involve traveling out of state. If I could find something solid in this field I’m not afraid to invest time and capitol to make it happen. I’ve also thought of trying to partner up with someone with a w-2, and going that route. Partnerships scare me though. Right now my plan is to just make the move out there, and start networking and looking good leads. Any thoughts or idea’s would be greatly appreciated, thanks!!!
Submitted January 28, 2018 at 12:23PM by FairSignificance http://ift.tt/2nm11nB
