completely new and lost, would love some guidance.

[Scotty Wo]

Hello Everyone,

I really want to learn how to rent my house and aquire another house to rent and so on. I'm very new and I don't understand a lot of the posts I've googled. Heres my situation,

My mom bought and "gave" me a house to live in summer 2019. I am on the deed and so is she. I always had a roommate when we moved in. Currently I charge him $600 a month. I pay for the insurance and we all split the bill 3 ways. I informed him I might be renting the entire house out by next year.

I'll be very honest, my credit is crap, I'm in debt, roughly $30k. I tried to get a Home Equity on my house so I can hope to fix it up and rent it out but the bank told me my mom has to agree to it. She won't, for the life of me. Idk how I can get her to agree. My understanding is I am supposed to get a home equity loan, basically I'm borrowing against my house? Then once approved use that loan for a second home.

SE Michigan
(House on Zillow says it's worth $348k it's a 3br, 2 1/2 ba), semi finished basement.
My house currently needs a new roof, new water heater. Needs some landscaping done in the back yard and that's it. I was hoping to pay off all my debt by the end of the year, get the roof, water and landscaping done by the end of the year. Start renting by Feb/March 2025 for $2400 a month. I'm going to put away $5-6k of that for the property taxes, unless I can keep my name on the house since I'll be living with my GF at parents place?

My girlfriend and I would have a place to live for 6-12months while we save money for a second house. If I can't get a loan due to my mom, how am I ever going to be able to get a second house? Save and put a down payment? And then use the $2400 from my first rental towards my 2nd house mortgage?

I would really like this to work out, I want to be a landlord and hopefully own 5+ more rentals. I'm currently a server and been in this industry for 20 years, I've had enough.

[Michael Smythe]

@Scotty Wo nothing in your story shows motivation on your end:(

Mom gave you a house
You have crappy credit
You spend more than you make with $30k in debt, despite having little monthly housing costs
You have no savings

How will you rent out your house when it needs a new roof and water heater?
Why aren't you motivated to do the landscaping yourself?

I got into this business working my day job, saving money for a down payment and then working from 6-11pm and weekends renovating the crappy houses I bought, so I could then rent them out.

Recommend you find a way to motivate yourself and get your finances in order.