All Forum Posts by: Michael Beal

@Steve Vaughan Gonna have to check that book out! That's kind of how I acquired my current house. Owner is 91, lovely woman. Do you mind elaborating as to what skinny FI is?

@Nathan Gesner, So would you recommend I create a networking post to try and find others like me? I'm in the Southern IL area and there aren't very many opportunities for mentorship near me that I'm aware of. Most say "oh just get your real estate license and sell houses, it's more lucrative." and while I agree, I just don't know if that role fits me. 

I greatly appreciate you @Nathan Gesner, I actually have been reading the book you mentioned, as well as "How to Invest in Real Estate" as well. 

I guess the information is extremely valuable, yet I find the abundance of it overwhelming. I mean, purchasing is a terrifying process that I've not truly experienced(I kept my situation fairly brief in the post), but from what little I know, evaluating properties just doesn't seem strong either. 

I tend to be a visual learner, and the idea of just "going with the flow and learning on the way" just sounds so terrifying.

Hi BiggerPockets!

My name is Michael Beal, an aspiring investor in a low-income community that dreams very, very big.

Honestly, it's like the title says. I've gone through the analysis, I've searched and searched for a decent deal. I want my first deal to be relatively close to me so I can help a friend move out of his parent's house, but I can't seem to make a decision. Even then, my W2 income is the sole income for my family of 4, but I really want to get involved in real estate investing.

The current home my family lives in is a seller-financed situation that was....well. A lucky endeavor, put simply. That said, the agreement we signed stated that I couldn't rent the property out, so purchasing another home to move my family into and renting out our current home just isn't in the cards. Since my W2 income is tied up, its hard to put back enough to have a meaningful down payment since prices are climbing in this low-income community I reside in. 

I guess what I'm saying is I have all the excuses in the world to not move forward. I'm terrified, but no matter what I WANT this. I just don't know what to do. I'm typically very prideful and it's taken a lot to just come to the forums and ask what I can do. I considered a HELOC, but the house I live in must be paid off before I can do that, since the house is not deeded to me yet. How can I get the funds to get started? I've listened to the podcasts, taken notes, heck I even have the BP youtube channel playing in the background. I want this so bad, but I'm terrified of the risks when I'm the sole provider for my family.

I'm grinding out everything I can, trying to learn the how's and why's, but without money, there's no action. Any and all advice is appreciated. Maybe I just needed to vent about my own frustrations. I'm not sure. I'd love to have discussions as amicably as I can. I just need the right guidance.