Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 17 years ago,

User Stats

13
Posts
0
Votes
Gary Johnson
0
Votes |
13
Posts

Can I do it?

Gary Johnson
Posted

Hello,
I am new to this forum and I sure have a lot of reading to do. I have decided that real estate investing is going to be the tool I use to gain financial freedom. I have already enrolled in an online REI course through my local tech school and I think it is going to be very good. One of the things the teacher has already stressed is that "there is more money (financing) available than there are deals". I find this hard to believe, but wanted to get your opinions.
I am 47 years old. Have a job that barely pays the bills. I have a house that I have maybe $50,000 equity in. I never intend to sell or leave this house. My other debts total about $5,000. My vehicles are paid for. I have very little savings. About $3,000, and another $3,000 in a 401K. I don't know my actual credit score, but I have no bankruptsies or reposessions and my mortgage is current. I have been late on a C/C payment or three in the past but nothing major. My credit should be pretty good, but I know not having a lot of money in the bank hurts it.
I want to get into real estate investing and am just having a hard time believing that the financing will be available to me. I'm thinking I would like to start out maybe with mobile homes and moving up from there. Is it possible to buy a mobile home/land package (singlewides) and sell the home with owner financing, and keep the lot for lot rent? Or will the numbers just not add up. I apologize if my questions sound stupid. I am a real noob at this and need all of the direction I can get. There are no REI associations near me that I can find. Also, I fall in the category where any friends or family members I go to for advice are just going to tell me to "keep my day job". There will be no positve reinforcement forthcoming around here! Thanks for any and all advice. MJ

Loading replies...