All Forum Posts by: Donald Danley Jr

Hi Everyone,

New to the investing community and still trying to educate ourselves more. My wife and I live in North Carolina. I work in RNC and she is a stay at home mom who does photography on the side. 

Recently we have come upon an opportunity that is unique for us providing I have everything figured out right. We have a chance to purchase a rental property that has  two 3Br 2bath homes with a clearing for the chance for a third home. Both current homes have longer term tenants already in them whom plan to stay (to the best of my knowledge) even after sell of the property. The property numbers according to the tools on BP would need to pay out $675 a month but has low confidence of getting this. However the units currently rent for $450 & $400. I know to make this work for us I would need to secure the property agreement at no more than $90k so the cash flow would benefit us. I have a plan in place to get a Heloc to do the down payment while registering our business for a business loan to hopefully gain the needed funds to purchase the property if at all possible. My credit isn’t the greatest because of the last 3yrs financial struggles.

My problem is I have never done this before so I am lost on how to even begin. Any advice is greatly appreciated. 

Thanks

Hi everyone. I am also curious of this as well. My wife and I are newbies to the game. We are looking into properties to help us get started. We have friends we know who have rentals to which we have asked for some assistance in general our foot in the door. I must be honest the last 3 years has done major damage to my credit which is making things very difficult for us to begin investing. I am the sole provider for our family of 7. I know fixing my credit is a must however I know there is a chance I can get the right guidance in other ways that we can not only fix this and also begin our journey as well. I am an experienced construction worker who took too long to ask, “Why am I not helping myself get financially free instead of making these guys more rich.” Don’t misunderstand I am willing to make thing mutually beneficial just done with it being one sided. Any advice/help would be greatly appreciated. 

Thanks.