Reintroduction into real estate after an accident that change my life - going into real estate blind

[Reece O.]

Hello, It has been a year since I have logged on and a lot has changed since then, but one thing has stayed the same and that is that I want to invest into real estate. Let me give you a little background information as it pertains to how I will finance later on. Last year I signed up here without much knowledge like most of us, looking to invest into my first rental property. I was actively looking to expand my knowledge in real estate investing and was looking for a property up until October of last year. On Halloween, I was involved in a car accident that should have taken my wife but I was lucky and it only has taken my vision. I have now 19 years old and disabled, but please do not feel sympathetic for me as I still have all of the same ambitions and goals that I had before and I will still accomplish them with my site or not! :) Now, onto how this pertains to my current goes in real estate and the lending options that I have. I have $60,000 to invest in a rental without any financing. I would also like to Mitch and now that I have no credit. I have now torn between using the money that I have to purchase a property or to try and fix my credit and purchase an even nicer property by borrowing some money. I talked to a broker the other day and he told me to get a couple credit cards with a low maximum ballots and to spend just a couple hundred every month and to pay them off in full, then in just a few months for me to call him back and he would give me a loan. The two locations that I am focusing on now in Kentucky or Louisville and Lexington, mostly as I know these areas the best. Although, I am leaning more towards Lexington as I prefer the atmosphere, community, and some other aspects of it. I have been in contact with at least one realtor that has gave me a property there with tenets in it that only cost $50,000. Yes I know I need to get the numbers to do the math to see if it really is a good deal as there are other things to consider such as vacancy which may make this deal not as good as it may appear. However, at first glance to me it obviously seems like I could get cash flow pretty easy and quickly. Quick is not what I'm looking at though, I am very realistic with my situation and I know that I need to be looking for the future so I need to buy and hold something that is of value and will appreciate since I am at a young age. My other option that I am considering is to build up my credit and you have the money I have now to use as a large down payment on either a nicer house or a duplex. I am wondering what you feel would be the most beneficial for me in the long run as I am in no rush to jump into this and I'm fine with building my credit and taking time to check out different houses for the best deal! Assume that I have another residence to live in and that this is a rental property only. From my disability, I received a disability check every month which I can use toward my mortgage.