Starting Out
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,
Can I do it?
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