Myself and accountability

[Blake Dennis]

I'm new to real estate investing (Winona, MN 55987 area)  and like most new investors starting out, its a little confusing, even with all the reading, studying and information out there. Without actually going through the process, its hard to figure out where to start and it doesn't always feel very comfortable. 

So far I have looked at some properties with a friend who is a realtor. I just wanted to see what was for sale and the prices etc..  This was before I talked to lenders. I talked to my local credit union and they said because my work history isn't long enough, I cant qualify for a loan. They told me if they keep the financing "in house" they could finance me after a year with my current job. I'm cool with that, however, I know there are other options for lending besides "that" bank. I called some local real estate investors and one of them said he does financing with a 2% margin with what the local rates are. I didn't explain much else to him, was just sort of picking his brain. I might still call around and go meet with the other local banks in the area, so that I plant that seed with them, and start building a relationship.

I have one thing holding me back.. Im on home confinement, so my time out on my feet is limited. Besides work, I have 6 hours a week to run errands. Now, I have some creative ways to make things work, but to really get out there and do this, I need to be off home confinement. I was released from prison In June. I will be free to roam in December. Until then I would like to get things into place, so that I can make a serious attempt at finding a buy and hold investment. I am interested in house hacking 2-4 units, and have some funds saved up. My credit is good, and I have decent income from my job. 

I guess what I am doing here is, Venting, but most of all I want to become more active on the site and use it to my potential. I want to know if anyone has been in a similar situation, and had to climb out of a hole like mine into this interesting world of real estate? I also am thinking about keeping a journal of sorts, with my progress, so that I could potentially help other people who have had to walk in a similar path. I am determined to stick with the process, whatever that may be when I find my groove. 

I have been listening to the podcast non stop, daily while working. I think maybe 150 podcasts in, and I'm going to listen to them all. I am also going to use this site to hold myself accountable to take actionable steps to further my progress.  I don't want to sit idle here. If all I do is get on here and do 1 post a day, it will force me to be present and dig into all there is to offer here.  like I said, this is sort of a self talk and my initiation to becoming accountable in my investing process and figuring this out. Hope I didn't waste to much of your time.. Have a great night! 

[Blake Dennis]

One of the things that I have done in preparation to all this is fix my credit. While I was incarcerated, I had my father put me on his credit as an authorized user. Then when I was released I had good enough credit to get an unsecured card. I have been using that, and I also paid my collections accounts from years ago. My credit has jumped from 636 to 744 since June. The bank is offering 1% down FHA financing (plus closing) right now. I thought that was crazy. But they won't lend because I need 8 more months work history. I haven't been looking very hard at the local inventory though because of that. However, just taking the steps so that process is easier and building relationships with the people that will ultimately make up my "team" for when I am ready to pull the trigger.