I'm an unemployed carpenter & want to make a living investing in Real Estate?

Question

I own a house with aprox 60,000 in equity. Should I
A: Sell house & use equity to put a down payment on a fix & flip.
B: Rent house,get an equity loan & put a down payment on a fix & flip.
C: Keep the house & get a regular crappy job.
I'm single with no kids. Just two dogs.
D:Sell the house, Buy a sailboat & sail to the Vigin Islands.
E: Other.

Answer 1

business wise....B is the most sense.

But I am in similar boat..not unemployed but sales way down. I have thought of C but no way I can punch someone elses time clock, I'd tell them off within 2 weeks I know it. D sounds good but that will be boring in time. E is where I am stuck at.

Housing market isn't the best right now and we are gonna see some hard economic times I do believe, least that is the course we are on from history. To enter into housing and investing like that would scare me some.

If you want work, my uncle is in the Richmond VA area and does carpentry, build houses, etc. I know he is booked almost a year out, so there must be a lack of guys around that region. I have thought of moving my biz, I do automotive paint work on high lines, mobile service, but I tried moving it to the coast a few years back and that was huge waste of time.

I'd put the house up for rent and see if you can get a nice rental from it.....that way you still have the equity of the mortgage and a place to always call home if times get tough. Then take the profit from the rental and get yourself an apartment. That way you are also living almost rent free as the rental person is paying for your roof and utilities or most of it. Then focus back on career, expand it some, look into different areas for customers/work.

When times get tough, stick to what you know best to get through it. This is what I have been telling myself lately.

Answer 2

C. Keep the house, (rent out rooms), get a crappy job.

Then save and put your desire to invest into action when you have more capital.