First Opportunity to Invest, Should I Go For It???
I'm a new member here on BiggerPockets. I've had a passion for real estate investing for around 5 years now. I'm 26 and my husband and I want to be involved in real estate investing SO SO BAD.
We just opened a moped/powersports dealership together which was very difficult and draining on our finances and credit. I had impeccable credit, but now it's very poor. We are making payments on our credit cards and digging our way out as our business is becoming more successful.
We recently found a rental house right behind our shop. And we know the owner, so he gave us a fantastic deal and didn't even ask for applications or proof of income from us. When I asked him why, he said he knew we'd just opened this business and it's hard to prove income and our credit was probably bad anyway. He also said he knows us and that we'd be good tenants and doesn't really want to deal with the property anymore.
It's actually a duplex. The other half is already rented and Myles and I are moving in next week at a GREAT deal. He had mentioned to us that he doesn't really want the property anymore or to deal with it. His wife wants him to sell it. He said he was willing to rent it or sell it when we found it.
I'm hoping this could be an opportunity for us to get started!
We were planning to save money, build our credit back up, and buy a multifamily with an FHA loan in a year or two. I've been reading Rich Dad, Poor Dad again and noticing how the parts about missing opportunities have been jumping out at me.
We have terrible credit because of our business. We are starting to build some savings, but it's extremely small. We SUPER want to get into real estate investing. Is this an opportunity we should go for???
I was researching and thinking maybe this is a good example of what seller financing could do for us? I'm still unsure as to how it all works exactly. It all gets a little confusing when I read so many different strategies. And trying to pick which one applies to my situation is even harder! The landlord is obviously motivated at least a little to get out from under it.
Any ideas and advice is MUCH appreciated!