Rental Property Investor · Chillicothe, OH · Member since 2021 · 4 posts · 4 votes
Ok so I've been educating myself on investing with OPM bit have bad credit that I don't know the extent of the damage caused during a life of depression. I never expected to love this long so I didn't plan. Im currently working and homeless so im looking for a multifamily to live in to start my life. Best ways to find potential investment deals? Anyone want to be my mentor in this journey? Ready to take action! God bless.
Investor · Castle Rock, CO · Member since 2018 · 297 posts · 159 votes
4y
Hey @Richard Bell, sorry to hear you've had some hard times, but I think it's great that you're looking to turn that around and create a better life. I would suggest attending local real estate meetups to help with the education piece and hopefully finding a mentor. It's possible to find one on the internet, but the best mentors are ones you have a genuine connection with and the best way to make a true connection with someone is to meet them in person. Best of luck to you.
Investor · Castle Rock, CO · Member since 2018 · 297 posts · 159 votes
4y
Hey @Richard Bell, sorry to hear you've had some hard times, but I think it's great that you're looking to turn that around and create a better life. I would suggest attending local real estate meetups to help with the education piece and hopefully finding a mentor. It's possible to find one on the internet, but the best mentors are ones you have a genuine connection with and the best way to make a true connection with someone is to meet them in person. Best of luck to you.
Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes
4y
Hi Richard.
You will need (I think it's) 3.5% of the total price for the down on an FHA owner occupy duplex, rent the other half. Triplexes and Quads have some added qualifiers by FHA that makes it harder to find ones that qualify in some areas.
There are down payment programs in many cities for lower income home buyers to assist with the down payment. Free money --with strings attached.
Fix your credit to what FHA requires.
Basically it takes three things to buy--
[1] Down payment money, plus some bank required $$ extra held back you don't use for buying. (you might have to pay some closing costs unless they can roll them into the FHA loan).
[2] A lender who will lend to you.
[3] Acceptable lender credit.
But job #1 is to stabilize yourself indoors, then get a second job and save up some emergency money so this is less likely to happen to in the future.
If you get a second job at a resturant --maybe you can eat for free there.
If you are depressed--get some counseling....some place charge a sliding scale on what you can afford.
This is just a skim over view on this stuff...
It will probably take you a couple of years to get your act together to where you are comfortable buying..so in the mean time study.
Ok so I've been educating myself on investing with OPM bit have bad credit that I don't know the extent of the damage caused during a life of depression. I never expected to love this long so I didn't plan. Im currently working and homeless so im looking for a multifamily to live in to start my life. Best ways to find potential investment deals? Anyone want to be my mentor in this journey? Ready to take action! God bless.
I dont know what your credit is but mine was substandard once too. I used the same little ole bank and they always gave me a loan so I assumed they would be reporting my credit. Something wasnt going right though for whatever reason. I checked my score about 10 years ago and found a 620. Even though I had paid on time for decades. I didnt realize what credit scores were calculated from. I went to Credit Karma (there are others now and Karma has been bought out now I think by someone) and found out I was getting robbed.
I have also been homeless so I know where you are coming from. I also know that asking for help is not easy. I am too far away to be a mentor but if you are willing send me a PM and I will help the best way I can. I am a get rich slow type of guy and dont gamble unless it's expendable money. I do invest on some pretty sure things though. Nothing is 100% but some deals are better than others. The good news in this market of not many great deals is that you are not ready to buy yet. You need to spend time on damage control. I can help with that somewhat. I have walked in your shoes. Reach out if you are serious.
Ok so I've been educating myself on investing with OPM bit have bad credit that I don't know the extent of the damage caused during a life of depression. I never expected to love this long so I didn't plan. Im currently working and homeless so im looking for a multifamily to live in to start my life. Best ways to find potential investment deals? Anyone want to be my mentor in this journey? Ready to take action! God bless.
One thing. Don't rely on OPM. Rely on YOU first. That is the first hurdle. OPM comes after you are ready.
Investor · Glen Mills, PA · Member since 2019 · 185 posts · 208 votes
4y
Richard - Firstly, I think it's really great that you found your way here and you're looking to better your life. I'd continue focusing on 2 things - relentless education and networking. This could be in the form(s) of your choice - podcasts (typically free), books, blogs, facebook groups, local meetups (typically free as well), and of course here at Biggerpockets. Through networking, find some way to add value to another partner or group in an area where you excel. If you're intending to use OPM, you will need to build credibility and confidence - the best way I've found this to work is to learn and follow closely from those doing exactly what you want to do.
Rental Property Investor · Chillicothe, OH · Member since 2021 · 4 posts · 4 votes
4y
Hi my name is Richard Bell I'm looking for someone local in the biz near Chillicothe Ohio to help for free so that I can learn and add value to someone's portfolio. I learn fast and am smart enough to know I don't know much!
Hi my name is Richard Bell I'm looking for someone local in the biz near Chillicothe Ohio to help for free so that I can learn and add value to someone's portfolio. I learn fast and am smart enough to know I don't know much!
Hi Richard, you should be thinking of ways you can bring value to an investor. If you don't have money or experience that is most likely going to be your time and labor. I suggest listening to this podcast - Bigger Pockets Rookie Podcast 137: Turning $3,000 into 10 Doors (As a Former Parolee):
It sounds relevant to your situation. It is VERY likely going to come down to how much you want to change your situation and how hard you are willing to work.