I have been wanting to get into real estate for a few years now. After reading a few books to try and understand the fundamentals I have no idea where or how to start. I read in a book your network can be your biggest tool to success so I figure why not reach out to one of the largest networks for real estate investing. I live in a small farm town with no money going through bankruptcy. About a year ago my fiancee and I had to move back into her parents because of financial issues. Now with one chil and one on the way I feel it is more important now than ever to get started in invest. Please share all knowledge as to how to get started, what should my first steps be. If thdre is anyone around Medina Ny that would be willing to mentor me that would be fantastic. I don't mind trading some sweat equity. Thank you in advance.
I am no expert here, but I might be able to share some advice as no one else has. Personally I do not believe you would be in the best situation to start investing. You claim to be filing for bankruptcy also have a child and one child on the way. It would probably be best if you slowed down and figured out a plan for you and your family to survive. So far I have noticed investing in real estate can go great but it can go bad. With no back up plan you will just dig your self deeper.
I hope I did not offend you in any way. Either way wish you the best of luck. Keep on pushing something is bound to come your way.
Welcome to BP @John Bouter
I think you are right by looking for a mentor and offering sweat equity. That along with continuing to learn is a great first step.
With the bankruptcy, you prob will wana make learning creative financing a priority. I suggest @Brandon Turner 's book "Investing in Real Estate with no and low money down"
Good luck Sir.
Rural areas are tough
I don't know where Medina is but I would move toward getting a very simple residence at a populated area.
With negative credit you can always make more money by doing creative transactions like subject to and lease options
Usually it takes some money whether it's Wholesaling or seller financing to market so I would look at getting a business partner that can help you with some capital like $10,000
Look at real estate investing clubs or associations
But Real Estate Investing is not going to save you from basic bills, so find a way to create some income to keep you going
You need to have a strong credit rating down the road so work on getting a secured Visa after the bankruptcy and rebuild your history
I hope this is helped you
Thank you everyone for the input. I do work full time as a tow truck driver for AAA. I was young and dumb with no knowledge of credit until it was to late. Looking at my goals for myself and my family I figured a clean slate after bankruptcy would be a good starting point to build off of. I do eventually want to get into most facets off rei but to start I want to purchase rentals to create a positive cashflow on which to build. Because of my situation I won't be quitting my job until I'm stable enough with enough cashflow to sustain and grow. I hope all of you will send me colleague request so ee can keep in touch for the future. Best of luck.
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