Looking for a new strategy

[Phil Beck]

Hi Everyone,

I hope you're all doing well. I'm reaching out to this forum in the hopes of gathering some innovative strategies for real estate investment, given my current circumstances.

Here's a bit about my situation: I've been experiencing unexplained pain in my hands, which has unfortunately made it impossible for me to continue working. As a result, I'm finding it incredibly challenging to establish credit or secure traditional sources of income.

Currently, my kids and I are living with my parents in Sigourney, having moved there last June. While I'm actively exploring various avenues to improve our financial situation, I keep running into dead ends. However, I'm determined to find a way forward.

I'm particularly interested in real estate investment opportunities, but without access to credit, I'm at a bit of a loss. I'm eager to hear about any unconventional methods or creative approaches that could enable me to invest in real estate despite my limitations.

Additionally, I'm working on expanding my skill set by taking online courses in game development and gaining experience in website design and app development. While these efforts hold promise for the future, I'm seeking practical strategies for navigating my current challenges.

I'd greatly appreciate any insights, advice, or resources that you could share with me. Your expertise and ideas could make a world of difference in helping me achieve my financial goals despite the obstacles I'm facing.

Looking forward to hearing your thoughts!

Phil

[Kiernan LaFaver]

It may be worth looking into getting some sort of partner that has greater access to credit or loan ability. Finding a co-signer would help you qualify if they’re an ideal candidate. Have you expressed your interest in real estate to anyone in your personal circle? Lots of areas have investor meetups that may be worth looking into to help you get started as well

[Brandon P.]

Quote from @Phil Beck:

Hi Everyone,

I hope you're all doing well. I'm reaching out to this forum in the hopes of gathering some innovative strategies for real estate investment, given my current circumstances.

Here's a bit about my situation: I've been experiencing unexplained pain in my hands, which has unfortunately made it impossible for me to continue working. As a result, I'm finding it incredibly challenging to establish credit or secure traditional sources of income.

Currently, my kids and I are living with my parents in Sigourney, having moved there last June. While I'm actively exploring various avenues to improve our financial situation, I keep running into dead ends. However, I'm determined to find a way forward.

I'm particularly interested in real estate investment opportunities, but without access to credit, I'm at a bit of a loss. I'm eager to hear about any unconventional methods or creative approaches that could enable me to invest in real estate despite my limitations.

Additionally, I'm working on expanding my skill set by taking online courses in game development and gaining experience in website design and app development. While these efforts hold promise for the future, I'm seeking practical strategies for navigating my current challenges.

I'd greatly appreciate any insights, advice, or resources that you could share with me. Your expertise and ideas could make a world of difference in helping me achieve my financial goals despite the obstacles I'm facing.

Looking forward to hearing your thoughts!

Phil

Hello Phil,

I would focus on what work you were doing before you hand pain, because you have that skill set already. Maybe you could be more in a managerial or teacher role to others that need guidance in that specific work you have done in the past. This would create something that you already are familiar with, which then would lead you to be able to get into real estate as an investment vehicle.

Best,

Brandon

[Eugene Nilus]

Agree with @Brandon P. 

It seems like at this moment you need active income.

Real estate can generate income for you but it takes time. I would also suggest doing what you can with your skill set.

For example, you could create a video course about XYZ, the only that you know that you can teach someone. Perhaps your kids could help you with video editing, marketing, and other things.

While you are getting active income, you could potentially look at wholesaling or fix and flip.

When you wholesale, you don't need a license and you don't need money. You need to find a buyer and a seller. There is more that goes into it but you are essentially a middle man.

For fix and flips you don't need a credit if you make relationships with asset based hard money lenders. With no experience you may have a bigger interest rate but if you have good margins on the hose, you should be OK. Also, I would suggest to partner up with an experienced flipper for the first 2-3 flips.

Good luck!

 

[Phil Beck]

Thank you for the ideas. Right now the only thing I could teach is the influence on the mind based on the research and reading books I did. On everything else I was self taught with no experience. I plan on going to sign up with Book Boon to do some more self studies. My aim is to create VR hands on learning programs for people like me who struggle with book learning.