Seeking Wisdom! Frustration is getting the best of me!

[Dyryl Burnett]

Hello All,

Pray this message reaches everyone in peaceful spirits. 

HELP!!!

For the past two years, I have been looking to get into Buy & Hold investing, however different dilemma always seems to creep into the plan. I desire to approach Buy and Hold via Brandon Turner's term "house hacking." I have a plan to find a distressed four-plex multifamily building, rehab and grow from there. (I have worked on rehabbing two residential houses before, so I have a general idea of the process)

The struggle comes with my finances and career decisions. I work for the Chicago Public Schools (10-month worker as a Dean of an elementary school), and many Illinoisans may know that CPS is facing some serious financial issues/future CUTS! I have been attempting to pay off debt, but due to (being transparent) me fighting for the joint custody of my daughter and my daughter being admitted into the hospital, I'm facing a lot of debt additions. I have no savings (due to the court case) and summer is approaching; which means my main source of income will cease for the next two and half months. I do have two other part time jobs that will help get me by to pay bills. 

I have very high hopes of still purchasing my first income property by the close of this year, but I am stuck at the FIRST step considering the aforementioned dilemmas.

1. I do desire to switch into the real estate sector as far as career, but I question if my limited experience real estate would qualify me for a full time position matching my Dean job?

2. I am really attempting to figure out, how to keep saving when debt continues to grow?

3. I am reaching the point where I've read so many books and listened to so many pod-casts, that my anxieties to get started (knowing I can't) are getting the best my emotions. I feel defeated. 

4. Wondering if I should take a different approach to real estate investing?

If anyone who understands my frustrations could kindly provide wisdom, direction, the steps you took when you were in this "pre-newbie" situation, and/or help, I would sincerely appreciate it.

I welcome the input. 

Kind Regards,

DB from Chicago

[Gilbert Dominguez]

I can understand what you are feeling. However you did not start out with establishing a real estate career from the start. Your current situation is not ideal for starting out in real estate investing. If you listen to Brandon Turner he recommends you take a systematic, methodical, well calculated approach to establish a good foundation that you will build on. 

Starting out in real estate investing when your finances are shaky and when you are suffering the stress that can come from a difficult close personal relationship such as a marriage that is not working out and children that need great care can make it very difficult if not impossible to objectively analyze, evaluate, and finance real estate deals. No one is superman and you need to keep a cool head, your emotions have to be in check and whatever you do has to make good sense. 

One of the most important first steps in real estate investing is getting educated and you are already doing that. This may not be how you would like to start now that you have discovered real estate investing and have determined it is something you could be passionate about and also that you feel strongly that it make good sense to you as something to use to build your finances around but everyone should start with what they can do and not what they wish they could do. 

Have you taken the time to read several posts here in all categories. You can see that people are having all kinds of problems with their real estate and some are not having problems but are having difficulty determining what their next step should or could be. Some people are having problems with contracts, others with over extending themselves, facing cost overruns, maxing out their credit cards, some are having problems dealing with tenants, etc. The point is there are real obstacles to learn from and overcome even when you have managed to successfully become the owner of a piece of real estate and doing it profitably. 

Take time to sit down and write down everything about your current situation and turn that into numbers and time frames required to adequately address any financial issue. Then learn about and consult with those that can finance a deal for you. Lay out a plan of how you can replace your current career with one in real estate investing. How you will make the transition and what kind of time frame will it take realistically? Set achievable goals. Learn about deal and financing structures available to you so that you start to build a tool belt as it were applicable to real estate investing. 

Ask yourself if you can network and/or partner with others and what role or contribution you can make to any kind of association or joint venture. Ask yourself if that is something you can benefit from. Offer to tag along to learn when and if you can. Everything you can really do will be part of your plan. That can help you deal with the frustration you are feeling now of wanting to participate in real estate but not able to in the manner you want. 

We here about people winning lotteries. We would all love to be the one to win a lottery. However that is not in the cards for the greater majority of us. View real estate as something you will build over an extended period of time.

A systematic and methodical approach. That is what has proven over the years to produce the best results. 

Even after 30 years in the business I get frustrated I cannot do something or some deals I really want to. For me I do not think that feeling has ever gone away.