Is this even possible for me? Scared to even post!

[Jamie Hodges]

Please bare with me here...this is going to be lengthy and i apologize for sharing my life story but i just need help and direction!!!! I am wondering if anyone has ever jumped in headfirst and ventured into the investing world without a w2 and feel i need to give my backstory first.

So here’s my story If you care to read this lengthy post and share some advice. I am a single mom of 3...I recently worked as a medical assistant and due to covid and lack of child care due to schools being closed, among other problems in the office i worked in, I quit my job. I had one of those moments where i was just fed up with the way my life had been going and was desperate for change. I worked so hard and was such an honest dedicated employee and i felt like that place sucked the life out of me while trying to raise 3 kids on my own. I’ve worked many different places bc i genuinely love medicine and helping people. I can just about outwork any woman i know and i enjoy it. But It was just time for me to go and i felt the tug to try to venture into something new. I have never felt a pull so strong in my life. So i did it, and i haven’t looked back yet. I am overly responsible at times and this was very different for me!!! My plan originally was just to take this time and be with my family- and reevaluate once school started back in the fall. I’ve been single for almost 4 years now and these past few years kicked my ***. I needed a breath.

I have about 15k in savings and receive about 40k a year in child support and alimony. So, I decided that this would likely be the only time my kids would all be home at the same time for 4 MONTHS and that maybe I needed to just take the time to be home with my family and reevaluate my life. I have recently paid off all of my debt except for about 5k in student loans...and the amount I get in child support/alimony covers all of my monthly bills with a little bit to spare. At first I was like ok- just focus on your family and you will sort it out as you go....however about 2 weeks into being home I started frantically trying to think of how I could find a different way to make a living and get out of the rat race i had been in. I can’t quite totally lose focus bc i know if I just enjoy every second being home with my kids, that I will fall behind. I need to continue working on a plan for my future. I have never considered owning my own business but suddenly it was all i could think about! What would i be good at? What are the things i love that i could make a living out of? What would provide a good income and allow me to grow financially and personally? What would grant me the ability to have flexibility for my family that i desperately need? So i started going through the things i love outside of the medical field. Houses, finding deals, helping people, home decor.

My mother ran a business flipping furniture while I was growing up (she has since passed away) and I have a love for that kind of thing and know the business. So I thought- ok...there’s my side change for the summer. I will start buying and selling things to make a profit and see where it goes until I figure this thing out. So that’s what I am going to do for the moment- but I know it won’t be something that can provide a substantial amount of income.

Then after thinking about it more- and doing my research, I always come back to real estate. I’ve loved everything to do with homes since i was 18. I’ve bought a few homes throughout the years and each time i researches the heck out of every single step bc i don’t trust people and don’t like feeling stupid. So i have a little basic knowledge as far as that is concerned. I know that It’s proven to be the best investment by people who do it right for years on end. There are literally a gazillion different routes to take to do it if you are well educated and willing to take some risks. So I started listening to podcasts and following along bigger pockets forums, and all the Facebook groups I can find. I signed up online for real estate classes on a whim the first time I thought about it...before I had really gained as much info on investing. I felt If I didn’t do SOMETHING I would end up just going back to what I know and what is comfortable.

The more I listen to these podcasts and read about this stuff the more passionate I become about it. I am so eager to learn and get out there and DO IT. I just want any advice that anyone is willing to give me. I want to make a career out of real estate investing. I have joined investing meet up groups and plan to go to as many of them as i can as the world opens back up and allows. (I am in north Alabama between Birmingham and Huntsville)

So, has anyone ever jumped in headfirst? I currently have a mortgage on my home- is there even a possibility for me to get financing creatively given my financial situation? Not much debt outside of mortgage, and cs and alimony have been direct deposited into my account weekly for 3+yr. Would someone even consider taking a risk on me? I have been looking online to try to find available jobs with real estate firms or anything that would get my foot in the door. I’m just fearful I will stay stuck in this phase of learning and dreaming and will never know when the right time to take a plunge is! I hope I don’t get beat up by this post- I feel a little crazy! Any help is appreciated and thank you for reading this far if you stuck with me haha!

[Joe Villeneuve]

There are many thousands of people just like you that started in REI. Not all made it, and probably the vast majority didn't...but I think you knew that. The secret is confidence in what you are doing, and going to do, and what breeds that confidence is a combination of knowledge and risk control. The knowledge gets you moving forward, and the risk control allows you the security of knowing you have a plan if something doesn't go as planned.

What usually stops people from starting is a lack of a plan...starting with a complete lack of understanding of what a plan is...and how to design one that is specific to you. Plans start with a set of goals...financial goals. Saying, "I want to become financially independent" isn't a financial goal.  Your goal has to be very specific, and based on specific numbers (your numbers) that you would need in order to make you "financially independent".  

Once you have established your financial goals, you need a plan of how to get there.  Let me add here that "I want to flip 3 properties and buy one hold property per year" isn't a plan.  A plan is based on specific steps you must take, that have specific numbers (with $$$ in front) where each step leads to the next step, and the next, and so on.

As daunting as this might sound, it's actually quite simple...with the right knowledge...and safety nets.  If you have any questions, don't hesitate to PM me direct.