Houston, TX · Member since 2016 · 22 posts · 7 votes
I’m a CNA ( nurses assistant) I’m very much interested in house hacking hopefully a duplex or triplex but sometimes I feel like it’s not for me my income is not great and I have bad credit should I just give up this dream ? Are there other people who do not make six figures that have succeeded in real estate? Where should I start?
Specialist · Nashville, TN · Member since 2019 · 187 posts · 83 votes
7y
@Star Dawson
I would work on the credit, credit can get improved within 1-2 years of paying on time, and also save some money for a down payment (sometimes u can get a loan for 5% down or even less)
You can purchase duplexes for really cheap in some areas, you just need look for them.
I totally recommend you on purchasing books about real estate from amazon, theres good material out there.
I’ve studied 3 months (everyday reading) from books before making my first deal.
Nothing comes easily..
And giving up is for losers don’t you ever do that! And trust me I was born to a very poor family, we barely had food ain’t silver spoon’d, had no excuses why not to go into real estate.
Rental Property Investor · West Warwick, RI · Member since 2018 · 2 posts · 1 vote
7y
Never give up! I was in a similar situation (broke but my credit wasn't bad) when I bought my first house hack 3 years ago. I was able to purchase a duplex that was a fixer upper with a FHA 203k rehab loan (usually requires 3.5% down) with NO MONEY DOWN. This could definitely be an option for you as there are tons of ways to avoid a down payment like I did. At the time I had just graduated college, my state was offering a grant for up to 3.5% for a down payment on a 1-4 unit if you live in the property for a certain number of years. There are also first time homebuyer grants my state has offered which are the same and offer 3.5% down to you just for being a first time homebuyer! As for the credit you can turn that around a lot faster then you think just keep working hard! You've got this!
Investor · Anchorage, AK · Member since 2016 · 222 posts · 294 votes
7y
@Star Dawson Hell no Don't give up.. I have 3 properties under my belt now, and at multiple times through-out the last 5 years I thought about giving up. I'm so glad I didn't! Read motivating self help books, and real estate books to keep you motivated and change your mind set. Also keep preparing yourself by learning, saving money, and fixing your credit score. A duplex, triplex, or 4-plex is definetly for your income.. especially since it will be cheaper to house hack, than to rent anyways lol. Good luck Star!
Guy with Great Hair · Austin, TX · Member since 2013 · 2k+ posts · 4k+ votes
7y
I started with bad credit, no talent, and way too arrogant for my own good
I've never made over 50k in my day job
I started learning real estate in 2014 through the podcast
I didn't think I could get very far in real estate, but thought maybe I could get 10 SFR over 10 years
in 2016 I bought my first rental
This year I closed on my 8th SFR and a 24 unit multifamily
you can SO do this my friend. It's really not that hard it's just a bit overwhelming at first. Keep at it, not only will your success be inevitable you'll find that your goals aren't too big, they are too small.
Start with learning personal finance, get some savings and get your credit score up. Learn every day, and spend time to network with local investors. If you make a good effort to do all these things your life will turn around in a BLINK!
SF Bay Area, CA · Member since 2019 · 4 posts · 2 votes
7y
@Star Dawson
I'm brand new to this as well. Currently I'm cleaning up my finances while I learn all that I can. I've just recently finished reading The Richest Man in Babylon and I've just started Rich Dad, Poor Dad. I don't have advice to give but, as a newbie myself, I understand your post and appreciate all of the responses.
Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
7y
If you don't believe in yourself, you will never make a change. I am no different than anyone else. I am not more talented. I am not smarter . I just believe in myself and take action in the direction of what I want to create and then I reach my destination at all costs. I remain focused on my goal at all times and the world around me shifts into place to get there.
Specialist · Plano, TX · Member since 2019 · 29 posts · 22 votes
7y
@Star Dawson you should start with the basis of educating yourself about the asset classes and get specific on the investment strategy, there’s is plenty of capital in the market place and people invest with people who they can trust. And if you going to dream you may as well dream big anyway, that’s why i recommend to take a look at the assets like multifamily. Grab this book “Best Ever Apartment Syndication Book” and start getting that education. Best of luck!