Seeking Wisdom! Frustration is getting the best of me!
Hello All,
Pray this message reaches everyone in peaceful spirits.
HELP!!!
For the past two years, I have been looking to get into Buy & Hold investing, however different dilemma always seems to creep into the plan. I desire to approach Buy and Hold via Brandon Turner's term "house hacking." I have a plan to find a distressed four-plex multifamily building, rehab and grow from there. (I have worked on rehabbing two residential houses before, so I have a general idea of the process)
The struggle comes with my finances and career decisions. I work for the Chicago Public Schools (10-month worker as a Dean of an elementary school), and many Illinoisans may know that CPS is facing some serious financial issues/future CUTS! I have been attempting to pay off debt, but due to (being transparent) me fighting for the joint custody of my daughter and my daughter being admitted into the hospital, I'm facing a lot of debt additions. I have no savings (due to the court case) and summer is approaching; which means my main source of income will cease for the next two and half months. I do have two other part time jobs that will help get me by to pay bills.
I have very high hopes of still purchasing my first income property by the close of this year, but I am stuck at the FIRST step considering the aforementioned dilemmas.
1. I do desire to switch into the real estate sector as far as career, but I question if my limited experience real estate would qualify me for a full time position matching my Dean job?
2. I am really attempting to figure out, how to keep saving when debt continues to grow?
3. I am reaching the point where I've read so many books and listened to so many pod-casts, that my anxieties to get started (knowing I can't) are getting the best my emotions. I feel defeated.
4. Wondering if I should take a different approach to real estate investing?
If anyone who understands my frustrations could kindly provide wisdom, direction, the steps you took when you were in this "pre-newbie" situation, and/or help, I would sincerely appreciate it.
I welcome the input.
Kind Regards,
DB from Chicago