My mother in law lives with her ex husband and their son in a house in Maryland. She wants to move but does not know how to get of that situation. What are her options of getting out of house and what are my options of getting my foot in the door with real estate. I have low money and bad credit.
I would recommend prioritizing your list and knocking them out one at a time.
- Mom --> can she join you? can she move out and rent a place closer to you or another sibling? Many times the unknown of the next step is the primary driver of fear holding someone back from leaving a tenuous situation, so if you can help her clarify those next steps it could help.
- Investing with low money and bad credit -- I would exhort you to read the book The Richest Man in Babylon. Soak it up and apply it diligent.
IMO you need to be walking in financial wisdom before it is wise to invest in real estate. RE investing is an intensifier for sure -- it will intensify your path to wealth in some cool ways, and it will intensify any lack of discipline or diligence you have. Firm up your footing first, then start chopping away at the tree of real estate investing.
Thank you @Will Fraser I just got finish reading The Richest Man in Babylon and Set For Life. It changed my mindset on my finances, these books motivated me to eliminate a lot of bills. My family finally has an emergency fund and we also have 3 months of my living expenses stored away. You were definitely right about getting financially wise before jumping into real estate investing. Thank you again for the advice.
That's really encouraging to hear, Seth! Thanks for sharing that, and keep gathering those coppers and putting them to work for you. The sound of gold jingling at thy waste does indeed gladden the heart of man!