Scared Vulnerable and desperately needing life changing finances

12 Replies

Hi Everyone,

I found this  place through a youtube video of another channel from reading the comments and one of the comments mentions BiggerPockets.  So I did the google search and here I am.

About me, I use to do what I though was pretty good for my self at the age of 35 I was a commercial truck driver Hauling cars around the western states mostly here in California.  I made on average about $60k per year.  It was the best money I had made my entire life with out a college education.  That all came to an end after a severe motor cycle accident almost took my life and left me disabled from then on.  I have been on SSDI since and barely getting by.  I purchased my home I live in now with my mother.  I convinced her to purchase a home with me in 2011 when the housing prices were at about the lowest in my area.  My brother was living with me before I purchased my home as he did not have a job and had recently moved back out here from Texas and needed a place to stay.  After purchasing the home with my mom my brother finally was able to get a job in his trade as a CNC Machinist.  

Fastforward to 2019,  I had asked my brother to move out because I was in love with a woman that had 3 kids and we needed the room my brother was in.  He gave me a little money to help out every month but when she moved in she began helping out financially a lot more than he was and in all honesty she was my lover so it made sense to me that my brother needed to move out since I needed the room for her children.  Now after exactly four years she has moved out leaving a huge financial strain for me and my mom.  We are getting by but it's not easy and I don't want to continue living life just barely getting by every month with barely enough money.  I don't have anything left over every month for luxury things like going out to eat, hobbies like fishing or even going to a movie.

So I'm here looking to learn as much as possible about Real-estate Property Investing and trying to figure out if its right for me.  I am thinking I can take a free course to get a Real-estate License and I am also trying to figure out what I can do to get off of disability.  I hate that I'm disabled and feel very bad about my self as a person.  Somethings gotta give.  Recently I the doctors discovered that I have an auto Immune disease Ankylosing Spondylitis.  After all I have been through at my age now I have to deal with this.  Any way I really need to find a way to make a better living for my self and my mother who I fear does not have many years left.

I have considered refinancing to get the money for down payment on new investment properties but I don't want to increase the payments on the loan for the home both my mom and I are living in.  The other things I am thinking is that the bubble may burst at any time and property values will drop like a rock again and I'll be stuck not able to get new loans based on the investment homes being worth less than the loans on them.  I'm very scared to make any kind of move but I know I can't continue to live life the way I am now.  I have considered renting out a room or two and possibly even renting out the Master Bedroom with walk in closet.  The home is a 3 bedroom 2.5 bath and the master has his and hers sinks and bath tub and a separate closet shower.  I could live in the loft area while the rooms being rented out could generate positive cash flow.  Sure it'll not be the most ideal conditions to live in but I'd be a little better off financially and able to stress a lot less knowing that I can start saving every month and get out of debt that I got into during the last relationship.

I'm not against turning my home into an investment home and renting the entire thing out but that put's me and my mom on the streets unless I have another property investment we could move into and at here age the volatility and moving in and out of new homes is not a good thing for her.   Heck it's not a good thing for me either come to think of it.

Other considerations are moving to a marketed area that is easier to establish investment properties " cheaper market " or just visiting the areas for purchasing considerations then coming back home after each purchase and letting a property manager deal with the investment properties after they are ready for rental.

I'd love to hear what ya'll think about my situation and some of the things I should consider before taking a leap into this property investing business.  Oh I forgot to mention I am handy with my hands and have some knowledge of carpentry, plumbing and electrical but mostly all from my own do it your self builds and repairs.

If you made it this far and read the story up to this point I'm honored.

Thank you,

Anthony B.

Rent out your spare room. This way you aren't stretching yourself with additional debt nor additional work. Unless you have a lot of spare money, real estate investment requires a lot of work and with your health conditions that may not be a good thing for you right now. If you need more money then rent out your room and sleep in the loft. I have a friend who rents all 3 rooms in her house and lives in an unfinished basement. This allows her to live for free.

Hmm thank you for your input Sharon.  I must be delusional because I think I can do better than just living off of a couple hundred bucks per month.  Besides that won't do me any good when I get older into retirement age.

Thank you DJ.  Now to figure out how to make it happen so I can succeed with out any losses.  I’m ordering “How to create wealth investing in Real Estate” by Grant Cardone and I see he has several other free ebooks for download as well :).

I know I need to do my due diligence.  I still don’t know what all that entails and how to go about it.  This is part of the Scared and desperate in my intro title.  

Just doing it can get me into financial trouble really fast if I don’t just do it correctly.  

@Anthony Bates I think it would be a good idea to start with renting out the room in your house. That's seems like a good start with the financial strain that you said you are having. It's better to take small steps than to take non at all and that will eliminate some of the risk you are worried about as you are learning more about investing. Listen to as may of the podcast and webinars that are on here and learn as much as you can. Good luck!

Thank you Melba,  for the immediate future that is the plan.  I’m taking this one day at a time and trying to learn as much as possible as quickly as possible.  I feel I have to play catch up for 25 years of lost time and don’t want to waste another minute.  ATM I’m still cleaning up the place getting it ready to rent out a room or two.  Hopefully I won’t have any issues getting good reliable people in here.  

Do y’all think it is a good idea to list before the room/s are ready?

@Anthony Bates you said that you bought the house in 2011, and it's just you and your morher?

Sell that house and buy a multi family house, live in one unit with your mom, and rent out the additional units. Or, sell the house, move into a small (cheaper) apartment, and buy an investment property.

It seems as though itll be hard to increase your income much, so cutting your expenses may help speed up your investing.

Originally posted by @Anthony Bates :

Hi Everyone,

I found this  place through a youtube video of another channel from reading the comments and one of the comments mentions BiggerPockets.  So I did the google search and here I am.

About me, I use to do what I though was pretty good for my self at the age of 35 I was a commercial truck driver Hauling cars around the western states mostly here in California.  I made on average about $60k per year.  It was the best money I had made my entire life with out a college education.  That all came to an end after a severe motor cycle accident almost took my life and left me disabled from then on.  I have been on SSDI since and barely getting by.  I purchased my home I live in now with my mother.  I convinced her to purchase a home with me in 2011 when the housing prices were at about the lowest in my area.  My brother was living with me before I purchased my home as he did not have a job and had recently moved back out here from Texas and needed a place to stay.  After purchasing the home with my mom my brother finally was able to get a job in his trade as a CNC Machinist.  

Fastforward to 2019,  I had asked my brother to move out because I was in love with a woman that had 3 kids and we needed the room my brother was in.  He gave me a little money to help out every month but when she moved in she began helping out financially a lot more than he was and in all honesty she was my lover so it made sense to me that my brother needed to move out since I needed the room for her children.  Now after exactly four years she has moved out leaving a huge financial strain for me and my mom.  We are getting by but it's not easy and I don't want to continue living life just barely getting by every month with barely enough money.  I don't have anything left over every month for luxury things like going out to eat, hobbies like fishing or even going to a movie.

So I'm here looking to learn as much as possible about Real-estate Property Investing and trying to figure out if its right for me.  I am thinking I can take a free course to get a Real-estate License and I am also trying to figure out what I can do to get off of disability.  I hate that I'm disabled and feel very bad about my self as a person.  Somethings gotta give.  Recently I the doctors discovered that I have an auto Immune disease Ankylosing Spondylitis.  After all I have been through at my age now I have to deal with this.  Any way I really need to find a way to make a better living for my self and my mother who I fear does not have many years left.

I have considered refinancing to get the money for down payment on new investment properties but I don't want to increase the payments on the loan for the home both my mom and I are living in.  The other things I am thinking is that the bubble may burst at any time and property values will drop like a rock again and I'll be stuck not able to get new loans based on the investment homes being worth less than the loans on them.  I'm very scared to make any kind of move but I know I can't continue to live life the way I am now.  I have considered renting out a room or two and possibly even renting out the Master Bedroom with walk in closet.  The home is a 3 bedroom 2.5 bath and the master has his and hers sinks and bath tub and a separate closet shower.  I could live in the loft area while the rooms being rented out could generate positive cash flow.  Sure it'll not be the most ideal conditions to live in but I'd be a little better off financially and able to stress a lot less knowing that I can start saving every month and get out of debt that I got into during the last relationship.

I'm not against turning my home into an investment home and renting the entire thing out but that put's me and my mom on the streets unless I have another property investment we could move into and at here age the volatility and moving in and out of new homes is not a good thing for her.   Heck it's not a good thing for me either come to think of it.

Other considerations are moving to a marketed area that is easier to establish investment properties " cheaper market " or just visiting the areas for purchasing considerations then coming back home after each purchase and letting a property manager deal with the investment properties after they are ready for rental.

I'd love to hear what ya'll think about my situation and some of the things I should consider before taking a leap into this property investing business.  Oh I forgot to mention I am handy with my hands and have some knowledge of carpentry, plumbing and electrical but mostly all from my own do it your self builds and repairs.

If you made it this far and read the story up to this point I'm honored.

Thank you,

Anthony B.

 I don't know if your situation is as tough as this guy's but he made $1,000,000 in real estate.

https://www.youtube.com/watch?v=8jhcxOhIMAQ

Hi Jason, that is one thing I have considered. I have also considered taking a HELOC on the house I'm in, renting out a couple of rooms in this house to cover the increased mortgage after a HELOC and letting mom stay here to watch over things here while I venture off to start the investing into other properties and living in one for free. I'm also not apposed to living in the garage space here if I have to. I have way to many tools and toys to uproot everything and sell just to move to another location.

This house I am in now was built in 2003 is on a corner lot so I can get my trailers in and out of the back yard fairly easy and I’m working on scaling down and selling off a lot of my toys to get out of the $10k debt I’m atm.  I kind of have an idea and a plan on how to achieve financial freedom but I need to know a lot more about the ins and outs before making what I’d consider the best decision I can for my situation.  

Hi Mike,  no fortunately I’m not as disabled as the guy you linked to in the video.  Granted I’ve had to have cataract surgeries in both eyes and my spine is guestimating about 65 - 80% fused.  Broke my neck shoulder shattered my talus cracked sternum etc etc Yada Yada Yada and the list goes on.  I use to race three wheelers and dirt bikes in my younger years.  So I live in pain daily but have to deal with it the best i can.  Some days I don’t want to even get out of bed.  Mostly in the winter months when it’s really cold and rainy.  Then there are days when I feel better than most days.  Just know I am thankful to be above ground and looking forward to what awaits me around the corner.  If I come off sounding like I feel hopeless then I must apologize.  I’m very thankful for my life’s experiences and what I currently have.  I also know things can always be worse.  Thank you for linking the inspirational video :). For now I can still swing a hammer and push a saw just not day in and day out like when I was younger.  I can still use my brain so that’s what I’m trying to do atm.

Regarding uprooting and moving with all my tools etc.  I can move and uproot everything if I love the deal ;).  For now I’m comfortable with keeping this place.  I mean $200k in equity is pretty good.  I don’t want to loose that but also feel that I could sell and cash out on this property to fund a fixer upper and live in that and sell when renovations are complete.  Living for free is my first goal followed by building cash flow.  I just want make sure nothing I do jeopardizes anything and I don’t loose equity or capitol for future investments.  I have a lot to think ablout and consider.  Ideally I’d like to get nice place for mom to afford to live in on her own eventually and me on my own as well.

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