Here is my current personal situation. I am recently divorced, took on a ridiculous amount of debt, have a credit score of 500, very little cash, about 3 months behind on mortgage payments for a property I am renting, and I am working 2 jobs, plus being self-employed creating blueprints for houses etc. I also moved to a new area to be closer to my kids and have very little contacts here. I have been in all fields of construction and can fix anything (the correct way). I now run a building department and have been on the government red tap end of the spectrum for about 10 years. I’ve dealt with home inspectors, contractors, problem properties, condemnation notices etc and have worked along side architects and engineers. I’ve also bought and sold 4 properties over my lifetime and am currently renting a house that I acquired while I was married. I have the experience to get into this market, but with my financial situation, I definitely will not get a mortgage of any kind, and since I do not know anyone in this area yet, it would be difficult for me to find an investor who would be willing to take a risk on me. Does anyone have any suggestions on how I would be able to get started buying and renting, or flipping houses given my situation? I’m open to anything and have begun reading and gathering information and knowledge on the topic. I’ve made it through a few books, and the only method I could see working would be an owner finance deal. If there are any other suggestions, I would love to hear them. I don’t want to be broke forever and do not want to work my normal job forever. Thank you for any help in helping me starting my life over.
Go to local real estate meet ups and make some new friends. Maybe somebody will team up with you.
Maybe you'll find a new girlfriend there too.
Where are you located?
I am near Salisbury, MD
Hey Jake, Scott is right, going to local REI meetings will definitely be a place to meet other like minded investors that you may be able to work with. Another approach is if you have someone in your family or friend that has good credit that can act as a PG to acquire business capital to use for your own projects.
@Jake Doub First, I'd start by adding a picture here, so that people can see who they're dealing with. Also, spend some time crafting your profile. Definitely sign up for every single free webinar you can and read everything you can get your hands on.
Next, I'd start checking around to see where meetups are happening near you. Maybe Annapolis? Or maybe you do some serious driving and head out to some in DC or Baltimore. It sounds like you don't have custody, so maybe there's one happening on nights you don't have family commitments.
Rebuilding after a divorce is not fun, but it will happen with time. Same with your credit score. Definitely check out the personal finance boards here.
If you boil it all down you're in the same boat as a lot of people here in that they don't have the capital to start immediately. But you have experience. So learn how to analyze deals, find great ones, take them to your local REI groups - or to people you met here while participating on the boards and find the people who have money but no experience or no time. Be someone that brings value to every interaction you have.
Since you're rebuilding anyway, now might be a great time to house hack to help reduce your own housing expenditures and allow you to get back on track with your own mortgage. Best wishes.
@Jake Doub you will do well with you side business of creating blueprints in this area. Also check out online sites (ex: Fivver, Upwork) where you can use your craft. The meet-ups are great. Best wishes on your new path.
How much equity do you have in the current place you are renting out? If you are behind on the mortgage, why not sell that and use that money to get you started and help pay down your debt?