Newbie in Orlando Coming Off Devasting Life Changes

[Adrienne G.]

Hi everyone.

I just stumbled upon this site about a week ago and have been reading voraciously trying to learn as much as I can. I'm in a crazy situation, but not so crazy that I can't overcome it eventually. It just seems like I'm running into brick walls of fear right now. So I'm just going to put it out there and hope to get some implementable advice.

I'm 45 and enjoyed a career as a Contract Recruiter. I was in a relationship that went south recently, and on top of that work dried up. While I was thinking the mortgage and all was being paid, I found out in December that my house was in default. I am in the process of trying to avoid foreclosure and do a remodification. Who knows how that'll turn out. I'm hoping I don't have to claim bankruptcy. 

So in January, I relocated to Orlando to try to get my life back together and became interested in real estate. I am considering joining an upcoming RE Sales Agent class in two weeks if I can come up with the tuition. I did start meeting with a realtor who I expressed an interest in trying to get a multi-unit property to invest in. I've looked at four so far. Three are 100% occupied. One is a quad with three units occupied. 

I would love to start off with one property. But I know that my credit has taken a severe hit. Trying to find a recruiting job in the area has been as tough as it was in my previous city (which is why I've been out of work and looking since July of last year). Some days are mentally tough but I push through it. I really hadn't expected my life to be like this at 45. I followed all the rules and have been a responsible adult. But this last year has been hell on me. I looked into real estate investing because I keep hearing those "no money down" spiels. I know it's probably bull, but I'm trying not to let my situation make me desperate. I can't afford to lose a dime at this point. 

So I'm hoping to get some advice from someone who's been there or from anyone who can give me some real feedback. With my situation, is there any way I can invest in a multi-family property? If I can get just one, I feel that will help me begin to rebuild my life.

Thank you in advance.

[Paul Timmins]

@Adrienne G.

Welcome. Fill in the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers).

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Consider checking out HUD homes for small multi's owner occupied gets first crack.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul