Single 27 yr old mom of 1 looking to build wealth, any tips?

Question

Hey Y'all

My name is Kristine and new to the site (obviously). I am very interested in real estate and the long term benefits that will help me to build wealth. I am looking to learn all I can, get some tips on how to start, find partners in my area, and eventually having my own business. The issue is I am a single parent, working a full time job, barely able to pay all of my bills without worrying, so starting out may take me a little longer. However, I have faith and am dedicated to the cause. Any tips on how to start investing when you don't have major funds?

Matthew Paul · Answer

Get your personal finances in order first , then build some bankroll for emergencies .  Then start to invest .

Michael Wagner · Answer

I agree with the above.  While you are getting your finances in order, learn all you can from this site, books from the library and your local REIA.

As harsh as it sounds, if you spend all the money you make from your JOB, you will do the same with all the money you make in real estate and so your growth will likely be slow and your wealth will be limited to debt pay down and appreciation which is never guaranteed.  I dont say this to discourage you.  And it is not a judegment against you in any way.  Having been raised by a single mom of three, I know the "bill juggling" thing very well.

You can build wealth in RE but having your personal finances in order is PARAMOUNT.  Get out of debt, cancel cable, trade in an unlimited data cell phone plan for a Wifi based plan from someone like Republic Wireless, Dial your heat back 2 degrees and put a hoody on, dial the AC back this summer,....you get the idea. Also, check out the book Your Money or Your Life by Joe Dominguez and Vicki Robin.  Its a good one.

Your faith and dedication to the cause are more valuable than you might know.  Take some time to sit down and create a vision for your life.  It sounds cliche but chrystalizing what you want your world to look like is powerful and will allow you to make the Hard decisions and push on when things dont go your way!

I wish you all the best and am happy to answer specific questions you might have.

Mike

Will Pritchett · Answer

I personally used the Dave Ramsey plan to get my finances in order years ago. I listened to his radio show for motivation and followed the plan. It worked! Now I do use debt for real estate which he wouldn't agree with but I still like his plan. It works in simple steps. Save some cash and check out The Total Money Makeover at the library. While you are there, look for other free entertainment options.  Ours rents movies (save on redox or Internet subscriptions).  Can order books from other libraries on finance and real estate - FREE. Free Internet. Even borrowable e-readers and computers or free WiFi for your own device. Ours even have baby and kid programs that are free. I think libraries are an underutilized resource that we all pay for whether we use them or not.      Keep reading and learning here. Especially about "house hacking" to get started. Maybe with a duplex when the time is right to give you and your kiddo some privacy. I know roommates sounded way different before kids for me.  Find a direction and educate yourself. It will pay off! Good luck to you.

Thomas S. · Answer

@Michael Wagner is spot on with his advice.

There are no reliable short cuts. You need to dedicate yourself to saving money and educating yourself on real estate investing. Your best option would be to save up enough to purchase a property you can live in and at the same time rent part of it out. A multi plex or a SFH with a secondary suite.

Kristine Gilchrist · Answer

Thank you all for the advice, it is very much appreciated. I figured getting my personal finances in order was the first step, which I have started to work on. In the meantime I will definitely educate myself and form an attainable plan. Thanks so much guys!!!!!!

Mark Nolan · Answer

@Kristine Gilchrist

Welcome to Bigger Pockets. Make sure to read the Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing

Single 27 yr old mom of 1 looking to build wealth, any tips?

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