Action Steps Part 1
I am trying to accomplish a few things and I am not sure how to get from point A to point B. I want to be a multifamily investor, real estate agent, and a hard money lender. I have terrible credit, no money, and I have bad debt that I am paying off. I've wanted these things for a long time and have come across life issues that I generally let derail my plans. So, here is my current plan.....
1. Reduce my monthly expenses by a minimum of $1000.
2. Use Monthly surplus to accelerate bad debt pay down.
3. Increase income by 20-50% year over year.
The biggest piece to this plan is to reduce my monthly expenses in an effort to eliminate my bad debt. So, I want to buy a trailer for $70,000 or less. I worked out the numbers and if I have a monthly mortgage on a trailer with a purchase price between $50,000-$70,000, my monthly payment will be between $200-$600 a month. The challenge is that I do not think I will qualify for a conventional mortgage. I have been denied other loans before in an attempt to consolidate my bad debt. The $200-$600 a month mortgage would mean a $200-$600 a month reduction in living expenses. My current rent is $800 a month. So 800-600=200 or 800-200=600.
Here are some things that I think could work in my favor.
1. I own 2 acres of land that are worth roughly $14,000 (no debt on this land)
2. I am an Army Veteran. (VA home loan might be possible if I can solve the credit issue)
3. I have a place to put the trailer. So it will not cost me more money for land or lease fees once I can get a trailer.
4. I make $25 an hour at my full time job.
1. Are there programs or products that could help in this situation?2. Am I missing any options that could or would help me to accomplish my goals?3. Am I asking the right questions?4. Who should I be talking to?5. Is there a product that would base my ability to pay a mortgage on my current monthly rent?
Determined to figure this one out.