Real estate investing for felons
Hello, I've been convicted of a bank fraud felon on April 2011. Im have completed my sentence (17 months) and Im no longer on probation (supervise release).
How can I invest in real estate so I can really get my life back on track. Im a busser at a upscale restaurant near Sacramento, CA and I work for a temp agency when needed. Im trying to avoid getting another job to save up money. My income is about $2000/month and of course I have bills and horrible credit.
Any suggestions would be great, thanks!
Most Popular Reply
Welcome to BP. Unfortunately our economy is not particularly friendly to people with criminal records. For my part, I think this is shame, because everyone deserves a second chance. Furthermore, you want to work, so it's terrible to let that go to waste.
I would recommend getting involved on the contracting and property management side of the biz. You can throw your time into the mix, and not have to put up a lot of money. I imagine for the first few years, this will be actual work, and much less investing. Eventually, after establishing a track record, start to take a piece of the deal(s) that come through. If your reliable, investors will be happy to give you a taste.
Your record will make people do further due diligence when working with you. However, given time, you can develop trust and work directly with investors who need a pro, if you want to be that pro.