A Year to Do it right
I posted the 180 day challenge, and also the one about my son. We now have investor financing set up if LJ can't get a bank loan. LJ had no credit but now has a passbook savings loan and a secured credit card [ that he will use only 10% of] to build credit.
He receives SSDI, and when he receives back pay he should have about 20 thousand dollars to invest. By this rime next year he should have about 30 thousand. He is now working just a few hours a week for a friend at minimum wage [he can't handle more work than that] and will make a little extra by selling Avon again. He is also signed up for free classes on investing and other money matters by a group that advocates for financial independence in severely disabled people.
So, in a year, with 30 thousand down, training, decent credit, about a $1500 a month income, do you think, without the investors money,only $30,000 saved,he should be able to buy about a $70,000 dollar [$40,000 after down payment] rental home?