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Updated over 9 years ago on . Most recent reply
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Impossible for me to enter real estate investing?
I'm going to be very open and honest about my situation so people know where I'm starting out from and hopefully get some specific advice. I'm looking for the "What would you do if you were in my shoes?" kind of advice.
I live in San Diego working in helpdesk support making $19/hr. I've lost my job twice in the last 3 years due to layoffs. I have 6 kids, 4 of which are bioligical and two we've adopted through foster care (all under 8 years old). I include that because part because my goal is to eventually have enough passive income so that I have more time and resources to continue to work with foster youth and increasing foster care awareness. I also want to be able to send all my kids to college, so 6 times however much college costs in 10-15 years. Not to mention just the daily costs of taking care of such a large family on Southern California. And moving is not an option because I have joint custody of my oldest. But I do recognize that I'll probably have to start out investing in cheaper markets outside of CA.
My credit is shot. I have a bankruptcy that is 2.5 years old, horrible credit and no savings. I know I'm getting detailed here but I want to paint a real picture so I can get real advice on what my next steps should be to get to real estate investing. I know it will end up being a long journey but the plan people keep telling me to do isn't working out... get a "good" job with benefits and life will turn out ok. Problem is, this model is failing so many people and it has failed me a couple times. Going back to college to hopefully land a 6 figure job just doesn't seem in the cards for me. So what would you do if you were in my shoes? I know repairing my credit is one step I can do now and I'm working on that. But how can I get into my first deal? All advice is greatly appreciated.
Most Popular Reply
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Hmm. Not going to tell you what to do in your situation, but if I were in that situation first thing I'd do tomorrow is make an appointment with a urologist. Then, while I was laid up recovering from that procedure, I'd see if San Diego has their probate filings online. If not, I'd figure out where the court house is so I could go there for about 1-2 hours a week and do some research. I'd look for any filings that have real estate listed, an executor with full powers and hopefully a phone number. I'd write all that info down and start making calls. I'd call every week. Forget mailing cuz it doesn't sound like there's any money for postage.
In the mean time, I'd study up on BP all about wholesaling and bird dogging by using the search box on the top right corner. A solid lead can be worth some serious money even if it isn't under contract. That is the best way I can come up with on how to find motivated sellers for little to no money and make at least a few extra bucks. Good luck!