Newbie wants a better life

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Newbie wants a better life

Karen Coffelt
Real Estate Professional · Mesa, AZ · Member since 2016 · 38 posts · 6 votes

Hey everyone, I'm fairly new here. I signed up at some point last year, but I can't even remember when. Can't remember if I introduced myself.

Anyhow, I haven't really delved into this too seriously, probably because I don't have a lot of confidence in myself, but today I watched the webinar on the 45-day challenge. I was hoping to learn a lot more on there than I did, but it turns out I learned that I have a lot more to learn. LOL It did give me a good kick in the pants, though, it made me realize that I really have to put more work into learning what I need to learn if I want to get into this business of investing.

I'm sick of this business of living paycheck-to-paycheck and never having enough money for when things come up, or to go on vacations, or to buy gifts for friends and family on birthdays and such. I keep coming back to the fact that the only way I'm going to get out of this rut is to get into real estate investing.

I have bad credit and no money, so I will have to learn how to invest zero, zilch, nada. I wanted to sign up as a pro tonight, but I don't even have the $290. I seriously considered borrowing money from one of those title loan places, which I've done before, but with over 200% interest, that is just not a good idea.

I wanted to take advantage of the cheaper price, and get locked in for 20% off in future years, as the price is going up $100 tonight, but I'm just going to have to resign myself to the fact that it's not going to happen right now. I'll just have to learn as much as I can with all the free stuff on here, and get the different books that BP sells.

Even though I may not be able to get a deal by the end of the day, I am going to commit to putting at least 15 to 20 minutes a day or more into learning all I can about this investing business. For years I've wanted to get into this, so now I'm going to take it seriously. A person gets to a point eventually when they say, enough is enough!

Okay, I better quit here before this becomes a novel. I think it already has. Have a great night, everyone!

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Jon Holdman
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
8y

OK, give them up.  Today.  That's a couple hundred bucks a month savings right there.  Not to mention TV is just a big time sucker and you have better things to do with your time.  Buy a $10 coffee maker at Walmart and make your own coffee.

While I would say this as "spend less than you make" this is the absolute key practice to accumulate any wealth.  No matter how little or how much you make if you cannot save at least a silver out of each paycheck you will NEVER accumulate anything.

Real estate is full of shysters who prey on desperate people with visions of quick and easy wealth.  You must avoid falling for those.

There are two ways to make money with real estate.  One is a real estate job - agent, builder, fix and flipper, wholesale, property manager, etc.  Where you put your LABOR into earning a paycheck.  The other is investing, where you put your CAPITAL into earning a paycheck.  Labor and capital are ultimately the only two sources of income.  Since you have no capital, you have to supply labor.  Unfortunately, most of those RE jobs, even wholesaling, require some amount of money.  And jobs like wholesaling and being an agent are commissioned sales.  You only get paid when you close a deal.  You can put in a lot of time and effort and no small amount of money and never make a dime.  This is where many of the gurus really make me angry.  They sell a dream that you have very little chance of achieving.  They have no problem convincing you to spend thousands of dollars, usually on credit cards, to buy their crap. Don't fall for it.

Real estate investing is an investment.  You must have money to invest.  Until you accumulate some cash, this just is not an option.  Any more than buying stocks, bonds or a bank CD.

A real estate job may or may not be your best path to generating income.  You say you're driving, but have a lot of downtime.  Have you looked into alternative driving gigs?  Uber and Lyft are the obvious ones, but there are many others.  My son worked for a company that delivered prescriptions to nursing homes and similar facilities.  They were paid for wait time.  He worked at a different company couriering documents and such.   And then at a third company as a dispatcher.  So, you have numerous jobs similar to what you do now.

Think about getting a second job.  There are 168 hours in a week.  If you sleep for 56 of those that still leaves 112 hours.  Plenty of time for two full time jobs.  I've had tenants tell me, "Jon, call right at 5:00 because that's when I'm on my way from my first job to my second."  There are free, online courses like Coursera, Kahn academy, and many others. Wikipedia has a list with many entries. Spend some time poking around on these before spending a dime on education.  Spend some time on job sites to see what skills are in demand.  Find something of interest, where you can find some training, and that is in demand and spend a few hours (not 15-20) minutes learning.

You don't need a pro account to read any forum or to post in any of the discussion forums.  A pro account gives you the ability to advertise.  You don't need that at this time.

There is no miracle with real estate.   When you say "I keep coming back to the fact that the only way I'm going to get out of this rut is to get into real estate investing", you're already falling for the hype.  The is NOT a fact.   Real estate might or might not be good for you.  But I can guarantee it will not make you rich quick and easy.

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  • Bryan Pham
    Rental Property Investor · Oakland, CA · Member since 2016 · 602 posts · 250 votes
    8y

    Hi @Karen Coffelt, I think you taken the biggest step of all. Which is deciding you want to get into Real Estate investing, these are all little wins that will eventually build up momentum that would propel you to the top. Please don't hesitate to reach out if you have any questions. 

    1Reply
  • Bettina F.
    Investor · Post Falls, ID · Member since 2016 · 606 posts · 699 votes
    8y
    I think Dave Ramsey's Financial Peace University sounds like a good starting point. You need to repair your credit and get some cash in the bank before investing. Desperation does not lead to good decisions. I mean this as kindly as possible.
    7Reply
  • Andrew Ellis
    New to Real Estate · Ferndale, WA · Member since 2017 · 26 posts · 23 votes
    8y
    I’m in pretty much the same boat Karen, I paid for my Pro membership last week with a credit card... I’m active duty military but my wife can’t work for medical reasons, and after child support we barely scrape by every two weeks. As soon as I can get the money together I’m going to enroll in a real estate pre-licensing course, and see if I can’t convince some local investors to let me tag along and help out. Maybe you can do something similar? Head to some local REIA meetings and/or investor meet ups and see if you can make some connections, that doesn’t cost any money! Good luck to you!
    3Reply
  • Karen Coffelt
    OP
    Real Estate Professional · Mesa, AZ · Member since 2016 · 38 posts · 6 votes
    8y

    @Bryan Pham , thank you for your reply and encouragement .  I'm sure I will have many questions as I learn .

    @Bettina F , thank you for your sound advice. I will look into that. I am familiar with Dave Ramsey. Last year I bought a book by one of his associates called Retire Inspired. My problem is I just don't see a way out of my situation. It's extremely difficult to make ends meet when you take home less than $2,000 a month. I pray a lot. I just keep hearing about many Investors saying that they started out with nothing, and end up using other people's money to fund their deals. I feel like I have to make that work for myself somehow. I guess it'll all come together, eventually.

    @Andrew Ellis , thank you for the helpful suggestions. Now if I can just find the time. I work crazy hours at my job, and usually only get one day off a week. Sometimes I don't get any days off. Not because they make me work that many days, but because I need to work to make enough money to get by. You see, I only make $100 a day before taxes, and I have to be available for 10 hours a day, and usually I'm available for 12 hours. I do a medical transportation driving job. I may end up getting a lot of downtime during my workshift, although sometimes I don't. Lately I've been getting a lot, because we don't have as much work, however, I'm not able to do whatever I want during that down time. I either have to hang out in my car or at a coffee shop while waiting for my next pick up, or hang out at home if my next pick up is nearby my house. This doesn't give me a lot of time to actually get out in the field and look at houses with investors how might want to help me out. It does give me plenty of time to read up on investing, listen to the BP podcasts, etc. Good luck to you, as well!

    0Reply
  • Karen Coffelt
    OP
    Real Estate Professional · Mesa, AZ · Member since 2016 · 38 posts · 6 votes
    8y

    Sorry if the names didn't get highlighted. I guess I'm not doing it right. Maybe somebody could help me out with that.

    0Reply
  • Juan Jimenez
    Investor · Yakima, WA · Member since 2017 · 6 posts · 4 votes
    8y

    I agree with @Account Closed said, Financial Peace University by Dave Ramsey will be a great start.  You can also listen to his podcast for free.

    1Reply
  • Karen Coffelt
    OP
    Real Estate Professional · Mesa, AZ · Member since 2016 · 38 posts · 6 votes
    8y

    Looks like I have a lot to do then to get all my ducks in a row. I have to figure out how to fix my credit, because I don't know how. I'll have to check out some books on it. I guess Dave Ramsey can help me out with that.

    One thing I was thinking about doing is moving in with a friend and selling my mobile home, which is in a mobile home park where I have to pay rent on the lot. I like my mobile home, but I don't like the fact that I don't own the land. My friend's grandson is moving to Arkansas next May. Her boyfriend has a house up in the mountains where they spend the summer to get away from the heat here in the valley. She made like having somebody at the house who can help take care of things for her, and then she won't have to move her cats up to her summer home. I could put all my stuff into storage.

    I can probably get at least $12,000 for my mobile home, as it's in really good shape. It's a double-wide that was built in 1965, but it needs central air. The ancient central AC unit went out on me about 6 months after I bought the place. I knew it was old and on its last legs at the time I purchased the home. I've lived here now for almost 2 years. I paid $13,500 for it, and it came furnished except for beds. Decent furniture, also.

    I thought about saving that money that I make on the sale to buy a place that I could house hack. That would be a start, anyhow, and I could build up equity. In the meantime I can start working on my credit.

    Just some thoughts that are turning around in my head.

    0Reply
  • Alexander FelicePro Member
    Guy with Great Hair · Austin, TX · Member since 2013 · 2k+ posts · 4k+ votes
    8y

    I bought my pro membership last week but I've been on BP for years (4 I think?).

    I started out broke, living week to week, with no money, and no confidence I could ever be successful in RE. Your situation is the same as many on here, and many have beaten it, myself included. I could quit my job now if I wanted.

    This site will make your success possible, and you don't have to pay a dime for it. Use it every day, listen to all the podcasts, make friends on here, let it consume you. When you can afford to go Pro you will and at that time the cost won't matter.

    Good luck, you get out what you put in ;)

    [email protected]Podcast Guest on Show #301
    3Reply
  • Joseph M.
    Flipper/Rehabber · Los Angeles, CA · Member since 2009 · 1k+ posts · 732 votes
    8y
    Karen Coffelt that is great that you have opened your mind up to investing . The good thing is there are a lot of free resources here . Dave Ramsey books could help too I think in your situation . Listen to his radio show too which is a podcast . Don't buy any books , borrow them free from the library many libraries also now have Ebooks for free you can read this on the computer or phone you already own . You can also get free audiobooks at the library that you can get on CD or download to your computer. Look into ways that you can somehow increase your salary. Some kind of job training or certificate that will qualify you for a better paying job. Maybe your local government has grants to help people in paying for these ? Community colleges are also a good resource for affordable education . Many offer online courses these days. Best of luck
    1Reply
  • Rachel N.
    Orlando, FL · Member since 2017 · 147 posts · 92 votes
    8y

    @Karen Coffelt, you can do this! You're already thinking up some good ideas with selling your home. It might take a while, but if you work on getting your finances together, in the future you'll be able to make a move. I agree with what @Joseph M. said about finding books from the library to learn as much as you can. I think there's a way to rebuild your credit but you can probably learn from Dave Ramsey how to do that. Listen to all the podcasts here on Bigger Pockets too while you're waiting to drive someone in your job - you can get so many good ideas from the podcasts, and there is a wealth of free information on this site. (Especially for your situation, listen to podcast #223, Scott Trench's Set for Life).

    1Reply
  • Karen Coffelt
    OP
    Real Estate Professional · Mesa, AZ · Member since 2016 · 38 posts · 6 votes
    8y

    @Alexander Felice thank you for your words of encouragement. I do know that many start out in the same situation that I am in, and I know that if I am persistent in pursuing this, then eventually I will get to where I want to be. I don't intend to make millions in real estate, but just to become financially independent. It would be nice if I could get to the point where I could bring in 2k to 3k a month in passive income two supplements whatever I end up getting for Social Security when that time comes. I'm assuming it could take 10 years or so to get there. That's okay.

    0Reply
  • Karen Coffelt
    OP
    Real Estate Professional · Mesa, AZ · Member since 2016 · 38 posts · 6 votes
    8y

    @Hotteenia Jenkins , I'm not sure if you read my last post correctly. I was talking about selling my mobile home and moving in with a friend once her grandson moves out, as she would have a room available. This would save me a lot of money and would give me a good chunk to save towards purchasing a house to house hack and build up equity. I already live in a big city.

    I currently have a roommate who moved in with me this month, but he can't afford to pay me much, and I'm helping him out. He's a very nice man who was renting a room from my neighbor who just sold her place, so he needed a place to stay. Unfortunately, he would have to find another place to live if I sold my place, but that wouldn't be until next summer, if that's the route I decide to take.

    As far as the cats are concerned, I'm not sure why you read into my comment that I was worried about them. I was just stating that my friend would be appreciative of someone being at her house to take care of her cats for her so she wouldn't have to move them to her summer place, which would put stress on them. This would not be my reason for moving in with her. My whole reason for moving in with her is so I can sell my place and save myself a lot of money, which in turn I can put towards a down payment on a place in the future.

    As far as getting a better job is concerned, I enjoy what I do quite a bit, and I really don't want to move on to a better paying job if I know I'm going to be unhappy. Been there, done that. It's not worth the stress.

    0Reply
  • Karen Coffelt
    OP
    Real Estate Professional · Mesa, AZ · Member since 2016 · 38 posts · 6 votes
    8y

    @Rachel N. , thank you so much for your encouragement!

    Yes, I'm going to read as many books as I possibly can on REI, and several of Dave Ramsey's books, and try to figure things out on fixing my credit. I currently have a student loan that I'm paying off, and I owe money to the IRS.

    I'm going to listen to that podcast that you told me about. I just listened to the most recent one today where they interviewed Craig Curelop, who currently owns a home that he house hacks. They mentioned that book Set For Life, and I figured it was something I have to read. LOL!

    Thanks again for your encouraging words!

    0Reply
  • Karen Coffelt
    OP
    Real Estate Professional · Mesa, AZ · Member since 2016 · 38 posts · 6 votes
    8y

    @Joseph M. , thank you for your reply, helpful advice and encouragement. I will definitely be looking into some books by Dave Ramsey, and I'll be checking out his podcast.

    When it comes to books, I'm the kind of person who prefers to have the actual book on hand, rather than one I can read on my phone. I've done both, and I prefer the actual book. I like to be able to have a book on hand to refer back to even after I've read it. The library only let you keep it for a short amount of time, and it takes me awhile to finish a book. I've gotten myself into trouble too many times by forgetting to return the book by the due date. By the time I pay fines, I could have bought the book!

    I would love to further my education, and I will check with the Community College down the street. I live only a couple of miles from our local Community College. I would love to get into a graphic arts program. I enjoy designing things on the computer, but I don't really want to do graphic design, per se. I've do a lot of photography, and I've been looking into different ways that I can market my photos.

    Anyhow, I've decided I'm going to put a lot more of my free time towards learning about REI, reading books on getting my finances in order and fixing my credit, and finding ways that I can market my photos. I'm going to spend a lot less time watching TV, and take that time and put it to better use. As a matter of fact, this month I'm canceling my cable subscription and I will just have internet service. If I want to watch something once in awhile, I I have Amazon Prime, and I can always get Netflix, but neither one of those is a priority.

    1Reply
  • Daniel F. Harb
    ARRT, RT(R) / Rental Property Investor · Newport Beach, CA · Member since 2017 · 360 posts · 242 votes
    8y

    @Karen Coffelt, @Rachel N. is precisely right. Don't just think about reading some real estate books, honestly, you will change your life when you apply the foundational truths in the book "Set For Life, by Mr. Scott Trench.

    This text will help you build the foundation whether one is making $2,000.00 per month in their job, or twenty thousand. It begins with your daily habits. I am a minimalist, and it is extremely important to live below your means.

    Thankfully, I do well financially, but I still save 75% of what I make monthly. I am happy with the simple things. I pack my lunch, do things that are free, or close to it, and watch my money LIKE A HAWK! Watching your savings grow is exciting, cause you know you are getting closer to investing in RE.

    No matter how much you save per month, whether it is $200.00 a month or $20.00 a month , the golden key is the DISCIPLINE in saving religiously and consistently. Trust me, and better yet, trust the good people here on BP, You need to live the foundational truths taught in Scott's book, Set For Life.

    I could go on, but, the best thing in your life right now is buying the book on BP "Set For Life".

    If you don't have the money to buy the book, private message me, and I will send you the

    funds to purchase the book. 

    It will change your life IF you do what it teaches.  Promise. :)

    Best to you,

    Daniel F. Harb

    7Reply
  • Karen Coffelt
    OP
    Real Estate Professional · Mesa, AZ · Member since 2016 · 38 posts · 6 votes
    8y

    @Daniel F. Harb , thanks! I'll get that book and start applying the principals to my life. Except for the money I spend on cable TV and going to Starbucks, both of which I have no problem giving up, I'm usually pretty frugal. I rarely ever eat out or spend money on other activities. I've been living that way for awhile now since moving out to AZ almost 2 years ago. I used to spend money like it's going out of style, but I've really learned to cut back. More likely I should say I was forced to cut back. Which is probably a good thing. Thankfully, I do not have any credit card debt, just my student loan in a little bit that I owe to the IRS.

    1Reply
  • Jon Holdman
    Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
    8y

    OK, give them up.  Today.  That's a couple hundred bucks a month savings right there.  Not to mention TV is just a big time sucker and you have better things to do with your time.  Buy a $10 coffee maker at Walmart and make your own coffee.

    While I would say this as "spend less than you make" this is the absolute key practice to accumulate any wealth.  No matter how little or how much you make if you cannot save at least a silver out of each paycheck you will NEVER accumulate anything.

    Real estate is full of shysters who prey on desperate people with visions of quick and easy wealth.  You must avoid falling for those.

    There are two ways to make money with real estate.  One is a real estate job - agent, builder, fix and flipper, wholesale, property manager, etc.  Where you put your LABOR into earning a paycheck.  The other is investing, where you put your CAPITAL into earning a paycheck.  Labor and capital are ultimately the only two sources of income.  Since you have no capital, you have to supply labor.  Unfortunately, most of those RE jobs, even wholesaling, require some amount of money.  And jobs like wholesaling and being an agent are commissioned sales.  You only get paid when you close a deal.  You can put in a lot of time and effort and no small amount of money and never make a dime.  This is where many of the gurus really make me angry.  They sell a dream that you have very little chance of achieving.  They have no problem convincing you to spend thousands of dollars, usually on credit cards, to buy their crap. Don't fall for it.

    Real estate investing is an investment.  You must have money to invest.  Until you accumulate some cash, this just is not an option.  Any more than buying stocks, bonds or a bank CD.

    A real estate job may or may not be your best path to generating income.  You say you're driving, but have a lot of downtime.  Have you looked into alternative driving gigs?  Uber and Lyft are the obvious ones, but there are many others.  My son worked for a company that delivered prescriptions to nursing homes and similar facilities.  They were paid for wait time.  He worked at a different company couriering documents and such.   And then at a third company as a dispatcher.  So, you have numerous jobs similar to what you do now.

    Think about getting a second job.  There are 168 hours in a week.  If you sleep for 56 of those that still leaves 112 hours.  Plenty of time for two full time jobs.  I've had tenants tell me, "Jon, call right at 5:00 because that's when I'm on my way from my first job to my second."  There are free, online courses like Coursera, Kahn academy, and many others. Wikipedia has a list with many entries. Spend some time poking around on these before spending a dime on education.  Spend some time on job sites to see what skills are in demand.  Find something of interest, where you can find some training, and that is in demand and spend a few hours (not 15-20) minutes learning.

    You don't need a pro account to read any forum or to post in any of the discussion forums.  A pro account gives you the ability to advertise.  You don't need that at this time.

    There is no miracle with real estate.   When you say "I keep coming back to the fact that the only way I'm going to get out of this rut is to get into real estate investing", you're already falling for the hype.  The is NOT a fact.   Real estate might or might not be good for you.  But I can guarantee it will not make you rich quick and easy.

    10Reply
  • Account Closed
    Rental Property Investor · Torrance, CA · Member since 2016 · 724 posts · 1k+ votes
    8y
    Karen Coffelt I like what Jon Holdman had to say. I know from where you are now financially saving money to invest seems like an an unattainable goal, but you must shift your thinking. Low/No money down strategies sell a lot of books and seminars, but they seldom make people successful in real estate. Don't waste your time trying to discover a way to invest without money. Instead, pour all your effort into figuring out how to save money. You'll waste a lifetime trying to find that "magic pill." Attaining financial freedom is just like losing weight. There's only ONE way to do it, and it's the way nobody wants to hear. Have you ever met someone that bought a weight loss gadget from an infomercial that was skinny That's what these No/Low money down strategies are. They're the fat burning pills of the Real Estate Industry. I saved for a property. I never went to college, don't have a high paying job, and I did it while living in an expensive city. It's not impossible....it's easier to save money than to find no money down deals. You're just going to have to figure it out. Get a second job, work over time, drive for Uber etc. Save every extra penny. If there is no opportunity where you live sell the mobile home and move to a big city. What you need right now more than any piece of knowledge is Self Discipline and an unwavering belief in yourself.
    4Reply
  • Paul Choi
    Rental Property Investor · San Ramon, CA · Member since 2017 · 350 posts · 611 votes
    8y
    I agree with others have said about setting up a financial foundation, etc. since you don't have money or credit, bring your labor/hustle. since you said you like your job as a driver, use it to your advantage. Spend your driving time and downtime looking for distressed properties, aka drive for dollars. do research in this and what others have done....find properties, get it under contract and wholesell. won't cost you much. build savings and credit, start branching to flipping and rentals or whatever you want.
    1Reply
  • Maria McCreless
    Real Estate Agent · Tallahassee, FL · Member since 2017 · 135 posts · 67 votes
    8y

    @Account Closed,

    I do not mean to be rude here nor confrontational, but I am sorry what does her age have to do with anything?  I think her point is that she wants to make a change in her life, interested in real estate and hey people out there that know way more than I do, please help me.  

    My mentor bought his first property at 66 in 1986 and before that he was a teacher, a coach and ran a newspaper. He in his words was "scraping by."  He had no knowledge of real estate but he meet a group of people that were younger than him and "were making a nice living" (in his words) and he thought why haven't I done that.  BP is that group of people for countless people.  Its the light at the end of the tunnel. 

    My mentor is now 91, has a huge portfolio (multi-billionaire), and we just closed on his latest commercial property a few days ago.  He now drives and looks at property at least three times a week because he loves it not because he needs to pay his bills. He calls me at all hours to ask me how we can add value to a particularly property and encourages me to think so far out of the box that sometimes I cant believe I come up with things.  

    My point is that if that group of people would have told him he was too old or don't try it you wouldn't make it, then maybe he would have given up and he wouldn't be where he is today, nor would I have the wonderful mentor I do.  You can make a change in your life anytime you chose to. No its not easy and its not overnight and you don't get rich overnight, but once you start down a path its a lot easier to keep going especially when people guide you down the right one. 

    In many post where newbies ask for help or guidance, you seem to be quite negative and I am sure that is not your intent, but I ask that you please think of my mentor and realize that people who are in the dumps usually have a hard time handling more negativity.

    Again truly not trying to be rude here, just hoping that maybe you could see a different prospective. 

    4Reply
  • Maria McCreless
    Real Estate Agent · Tallahassee, FL · Member since 2017 · 135 posts · 67 votes
    8y

    No what I saw was her saying was hey guys I am committed to trying to learn and that turned into a lot of great advice from the BP community to her saying in not so many words "please help me" and I tried that but it didn't work, so what now.  To I am thinking about selling my home. Should I invest in a house hack? I am struggling but I am trying to help someone else who is also down on his luck, which selling my house would effect him. I like my job but I work 12 hours a day am still not making enough.  This could just be my heart strings, but I got the impression that she is lost and doesn't know how to bail herself out or what to do.  I think most of us have faced this kind of adversity before maybe not to the same degree but been at a place in live where you just felt totally overwhelmed and looked for answers. 

    I agree completely that not everyone is going to be the next re mogul, but I think that everyone has the potential to be. Its just up to the individual to take the necessary steps to do so and I believe its up to the BP community to support them in a positive way.  

    4Reply
  • Account Closed
    Rental Property Investor · Torrance, CA · Member since 2016 · 724 posts · 1k+ votes
    8y
    Karen Coffelt don't get discouraged. We're not trying to be negative. Just trying to tell it like it is and not full you with a bunch of hype. You say your credit is bad? How bad? If I were you I'd consider selling the house and using the money as a down payment on a duplex. Live in one side and rent the other out. This allows you to save money because if you do it right the rent you collect will cover most of your mortgage, allowing you to save money for your next property. You can use an FHA loan that has lower credit and down payment requirements. If I remember right the credit score requirements are somewhere in the low 600's. If your credit is worse than that you should focus on your raising your credit before buying a rental. Find a credit counselor in your area and schedule an appointment. They will sit down with you and tell you exactly what your options are, and what to do to raise your score. This is how I got started, and many other investors did as well. Things aren't as hopeless as they look. Don't let us scare you off. The information people provide on this website is too valuable. Stay engaged on this forum and don't give up. Like I said it's not as bad as it looks. You have a job, and a mobile home that you can sell. Phoenix is not a market that is prohibitively expensive either. So that's good.
    4Reply
  • BArbara Dahdah-Anderson
    Philadelphia, PA · Member since 2014 · 1 post · 1 vote
    8y

    I think many of us are in the same boat when it comes to financial peace of mind.  So many have looked to real estate as the way to get financial peace of mind.  Its the best vehicle to get into to have this peace of mind.

    Education is very important.  I do have the educational tool, but you can invest without using any money.

    So, let me know how I can help to move you forward. 

    Barbara

    1Reply
  • Collin Schwartz
    Rental Property Investor · Papillion, NE · Member since 2017 · 398 posts · 1k+ votes
    8y
    Karen Coffelt congrats for deciding on rei. I am new myself but can say that in less than a year it has changed my life. What I have realized through real estate is that for every problem there is a solution. Focus on education first, all sorts of great podcasts such as BP, cash flow ninja, Michael Blank, and others are free.. listen to them all. Every second in the car should be spent listening to these influential tools! Next if money is needed focus on additional income even if it takes another job... the goal is to get started in earning passive income. At the same time continue to network on BP. Although I like my pro membership as it allows me to post in the marketplace, I do not see it as a necessity right away. Best of luck and reach out if you need anything!
    1Reply
  • Jody Broussard
    Real Estate Investor · Wallisville, TX · Member since 2017 · 17 posts · 15 votes
    8y

    Hey @Karen Coffelt . I'm 65 years old. I've got a couple of properties, but I consider myself a real newbie.  The reason I consider myself a newbie, is because the more I read and listen to on BP, the more I realized what I don't know.  I've committed to listening to  all the Podcast.  I'm currently on 125.  While not all of them pertain to what I'm interested in, all have had some type of usefulness (is that a  word)  I'm on the road a lot and will listen to them in the car.  As far as books are concerned, being the age I'm at, I can't read for more than 5 minutes before I'm asleep.  I have a subscription to Audible.  It cost, I think, about 7 bucks a month, and you get 2 free books a month.  The podcast all recommend 1 real estate book and 1 business book.  I strongly recommend you read or listen to "The Richest Man In Babylon".  You won't be disappointed.

    Good Luck

    3Reply
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