Hello everyone! This is my first post so please bear with me I am not a blogger or even a good writer. So if there are any questions please feel free to ask.
So here I am 2 years into my research phase of real estate investing with my wife and child living out of a trailer we owned with barely enough room for us. I had been researching house hacking for awhile and decided to go to my nearest mortgage broker and inquire about purchasing a duplex.
My dreams die quickly when I get told my credit score is too low and I dont have a big enough down payment. Fast forward a year, I have been working on my credit all year and I'm finally high enough to qualify for a loan i think 670 was the requirement at the time. I also took an early withdrawl from my 401k to have downpayment because I thought I would need it. My loan officer said I can now qualify for an fha loan with 3.5% down. On top of that there was a THDA grant for downpayment assistance of $15,000 in under developed areas close to where I live. As long as i own the property for 10 years i dont have to pay it back! So I end up finding a duplex to live in one side and rent out the other side for 600 a month. Not only with 0 down but with around 9,000 after closing costs in equity. Now I have a bigger nicer residence, that's also cheaper than the lot rent on trailer we owned. I try to spead the message to as many friends and family I can to try to help them make a great financial decision. Especially for a first time home buyer. Hope this can help someone to make their first step to financial freedom, and I would like to thank everyone here on bigger pockets for giving me motivation and advice on real estate investing.
I currently do wholesaling, just started the first of this year. Closing my second deal this week. My intentions are to gain knowledge on flips and real estate investing in general while raising capital to do my first flip/BRRR. Thank you all for reading.
Very inspirational! Keep it up!