No money down with a 620 credit score

[Murat Caliskan]

Hello BP community. My first post here and very excited. Any informational help will be appreciated.

Long story short. My first house with FHA bought in 2016 which is a 3 unit multifamily. And the 2nd house with %5 down conventional loan purchased in 2018. Doing Airbnb in all 3 units in first house and luckily that fully pays the mortgages in both houses. But just because we did a lot of renovations and decorating using our credit cards nothing left in them and credit scores went down drastically (mine is 620 right now). And everything I make in my regular job only pays our life expenses and the cards. So nothing's saved so far. I am really dying to quit my job and start investing in real estate knowing the potentials and desiring a more quality life with wife and 2 beautiful kids. Being in restaurant business 40 hours a week totally prevents me from that. My idea is buying another multifamily house with 2 or 3 units and running an Airbnb in it too and keep investing in real estate. I am sure that lead us to financial freedom. I wanna free the HELOC on our 1st house for downpayment but my wife is totally against it. I know it's possible to get funds from private or hard money lenders but since I'm new to this I don't have much idea how to accomplish this goal being in the situation that I'm in right now. I am really driven, wanna make it happen. And again any informational help will be highly appreciated. Looking forward to all the responses. Thank you all in advance.

Murat Caliskan.

[Lien Vuong]

You need to look at your balance sheet and decrease your expenses, what seems like necessities might be a luxury in the world of achieving cash flow. Just the quick math on your assets, two working adults, and passive income streams, there's really no reason for you to do be a stagnant saving situation unless you're not utilizing your rentals to its full capacities. Are you experiencing vacancies? Did you over renovate? Your long term rentals are not generating market rents? 

Youre going to have to do a full analysis of your expenses income and cash flow before you get to the next steps.