Looking for a BFF lol

[Account Closed]

Hello everyone,

All my life I’ve been dreaming of being a “landlord” it always sounded really cool to me but I was raised by parents who worked. My dad was an immigrant and worked for less than minimum wage and mom always taught me to stay away from debt and pretty much work until I can’t.. because of life struggles and not going to college I joined the military and deviated from my dream.. now I’m a home owner and support my dad (who is disabled and now in college) and wife who is also in college.. I recently attended a seminar about investing and became extremely motivated.. gym at 4am because I can’t sleep motivated.. I started readying a book (I don’t read) watching videos and listening to podcasts every time I’m in the car. But since I support 2 adults and 2 rescue dogs money Is very tight.. saving has been extremely tough.. I learned to work on cars because I can’t afford the maintenance on 3 cars. Ok this is turning into a sob story so let me stop lol I say all this to say I’m looking for a friend. Not a handout. Someone who is willing to donate their valuable time and mentor me. Books and podcast keep me motivated but I’m a hands on learner and have too many people counting on me to fail right now. I need to see the process and ask questions in real time to really understand. I can invest my 401k when it’s my turn.. not much but it’s all the savings I have. So I’m just putting it out there, Anyone looking for a best friend (or assistant) in Southern California? Lol

[Sean Kosmann]

@Daniel Zamora it sounds like what you need is "google". From what I have learned, this is where I would start 1) look for a real estate group near, generally a REI group. The goal for this is to find 3 things, 1) a good realtor you trust 2) a hard money lender that trusts you 3) wholesale properties.

Once you have done that you line up your first target. Find a house that is so under priced that you can purchase and reno using the hard money lender, that you can then take it to a bank and refi it for 80% value. Now of course the 80% have to be higher then the purchase + reno to make this whole thing work, but when you do that, then all that is left is getting a renter. Rinse and repeat. We bought a house for $22k, putting $18k into it, refinancing it for $55k and renting it at $1k a month. So we will get a small cash up front, and decent rental off the bat. I have 3 houses following similar numbers.