Scared, Nervous and unsure how to start given tricky financial situation

Scared, Nervous and unsure how to start given tricky financial situation

Member since 2024 · 24 posts · 18 votes

Hello BP members!

I'm excited (and nervous) to be here.  I feel completely overwhelmed and not sure of where to start. I guess I'll start by sharing a bit of myself and how I got here.

A few years ago, I saw a listing for a 4 plex in a nice part of a city in the CA Bay Area and thought, that would be so great if I could live there and collect rent to help pay off the mortgage (it was even listed for a reasonable price, though I'm sure there was a bidding war for the final sales price). I had no idea how to take an action on this, and the property eventually sold.  Fast forward to the present, and unfortunately due to hard times, I've since lost almost all my life savings and am long-term unemployed. It now seems impossible that I could ever be a property owner.  I am, however, motivated by reading stories of others who started out with very little (albeit, in a much more forgiving market than the bay area) and amassed quite the portfolio.

I think the only way I could get into a property in the bay area would be to have a set up similar to the one above.  I currently pay $1700/month in rent.  I would appreciate any advice on if there is any way to get started given my situation?  I have watched the 90 day challenge webinar and have been reading posts on BP nonstop.  It looks like my first step, per the seminar, is to find an investor's agent. But that seems like a 3rd or 4th step, really.  I am sure there are other things that would need to be done first.

Someone posted about working part-time at a RE or investor's office, and I would be willing to do that for a fixed, short-term, like 6 months or so, but a lot of the job postings require a license.  If any one can offer insight and/or advice to get started for my situation, that would be appreciated.  

I feel scared to go it alone and so even if the advice/mentorship is just through DMs I would appreciate that very much.  I feel like I made a huge first step just be coming to BP, but now another huge big step awaits me, I'm just not sure what that is.
 

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  • Member since 2024 · 24 posts · 0 votes
    2y

    Sarah,

    It's great that you have made the decision to get into real estate investing. It's scary but can be very exciting, given that you're working towards taking control of your financial future. 

    The Bay Area can be a challenging area to find deals. But having the right mindset, the right team, and the willingness to be consistent in finding the right opportunities, then it can be done. So if, for instance, you wanted to pursue the Oakland market, then target specific neighborhoods and utilize an investor friendly real estate agent to find you deals. 

    You can also find your own opportunities by driving for dollars and cold calling property owners of the houses you find. 

    Great thing about this business is even if you don't have the money to invest in deals yourself, there's other investors and lenders out there with money who need a place to put their capital for a sizable return. My partners and I are connected with several lenders who want to deploy funds into deals. 

    I'm more than happy to chat with you more if you need any help. DM me and let's connect! 

    Sheldon Alex

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