Hello I am Sheldon and this is my plan.
Hello my name is Sheldon Berglund. I wanted to introduce myself and leave my plan here so that it is written down and also so some of you can give any kind of advice or ideas. I live in West Jordan, Utah and I am 24 and in about a month i will be filling bankruptcy. I don't have any assets so i wont be losing anything. The reason I am filing is because of hospital bills my wife got on our honeymoon. I was working for UPS at the time and had stellar insurance however the hospital entered something wrong and the insurance didn't pay for any of it. I didn't know what to do and eventually it became to late to do anything with it.
My plans and goals with real estate originally started wanting to wholesale but the more I've read the more I've found out its not as easy as everyone made it sound when you first find out about wholesaling. However I still want to get started in real estate. I really want to get into flipping homes with my cousin. He owns 2 homes already but doesn't use them to make any money. He has a good amount of equity in both homes. One day he brought up wanting to make money off real estate but didn't know where to start and felt overwhelmed and never researched it at all. I am about 80 hours into research and I think we could do this. Right now i want to find a 4 plex for sell and have my sister buy it with a FHA loan and start a lease to own with her until i can get my own FHA loan 2 years after the bankruptcy. I still have to figure out a good incentive for her where we both can win from this. I will be house hacking with this. My cousin and I will mostly be flipping and hopefully he can start getting some rental properties going as well. I am not sure how i can make any money off the rental because it will be his credit and equity on the line. Still need to get that figured out. I am wanting my wife to get her real estate license so that I can have the benefit of me not being an agent but having the benefits from my wife being an agent. My future goal for the next year is to make $143k, which is $100k after taxes. Eventually I want to be making $300k/year. Right now i don't have any goals as to how many rental properties i would like to own or what. Sorry if it was rambly, didn't make sense or is unrealistic. Thank you to anyone who took time to read this.