How to get started in real estate investment

2 Replies

Hello BP Nation so here's my story. I came from a very poor background but through hard work and dedication I was able to work my way above the poverty line working I'm resturant and retail management. I met a wonderful woman got married had a child and as far as I was concerned I had the perfect little life. Fast forward 15 years it all came crashing down my wife and I split up and in the middle of our nasty divorce she suddenly passed away and in an instant I was a single father. After rearranging my life to take care of my daughter lowering my expenses stepping down at work taking 20,000 pay cut but we do what we have to as parents. My problem now is I live in a state where I have little friends and no family and the fact that my daughter spends so much time with a babysitter is killing me. So the quest for passive income was born I need about $2500 a month in order to quit my job and have more time with my baby I can scrape up about 30,000-40,000 in capital but I don't know where I go from here any insight would be greatly appreciated and thank you in advance 

Hey Curtis, thank you sharing your "Why" for getting into passive income; your journey has not been an easy one. Thank you for being open and sharing all that. A few questions to throw your way:

1) Have you applied for a mortgage yet? Approved or?

2) Have you owned a home before? Was it through an FHA loan ( 3.5 % down for first time home owners)?

When I bought my first place I was a broke college grad and scraped together some funds for a 2/2 condo. I rented out one room full-time and airbnb'd the other. If you were are to qualify and purchase a duplex that would be ideal since I am not sure how you feel with having strangers rent out a room in your home since you have a daughter. You could look into renting out a room in your home to traveling nurses since they have shorter term assignments and pay a bit more for fully-furnished housing.

Are you planning to stay in TN? Having family and community could be as much of an asset as a passive income stream.

Congrats on starting your journey :)

Originally posted by @Patrick Perez :

Hey Curtis, thank you sharing your "Why" for getting into passive income; your journey has not been an easy one. Thank you for being open and sharing all that. A few questions to throw your way:

1) Have you applied for a mortgage yet? Approved or?

2) Have you owned a home before? Was it through an FHA loan ( 3.5 % down for first time home owners)?

When I bought my first place I was a broke college grad and scraped together some funds for a 2/2 condo. I rented out one room full-time and airbnb'd the other. If you were are to qualify and purchase a duplex that would be ideal since I am not sure how you feel with having strangers rent out a room in your home since you have a daughter. You could look into renting out a room in your home to traveling nurses since they have shorter term assignments and pay a bit more for fully-furnished housing.

Are you planning to stay in TN? Having family and community could be as much of an asset as a passive income stream.

Congrats on starting your journey :)

While in the process of get divorced my credit took a hit I am in the midst of repairing it and have spoken to a mortgage broker who just continue doing what I am and I would be able to get approved in a few months. I have never owned a home. 

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