The newb has entered the building…

[Benjamin Bruce]

Directions, your GPS is going to ask you where you are at and where you want to go.

Let's set both in short order to get to my question. I'm 37 years old, been in the ministry all my life (since college) living in a parsonage. I'm still a minister, but currently now rent and have no foundation about money, I have no assets or equity, not even a savings. I do have a few thousand on a credit card due to be paid off in about 60 days at my current rate. Currently renting a $1200 house. 3 kids, married 15 years- and I WOKE up 2 months ago when I realized my raise at my job (first one outside of full time minister which didn't pay much btw) just covered inflation (I know…I'm not even counting Bidenflation). I thought about it, prayed about it, and I want a career in REI with a focus on buy & hold multi-family. I listen to a podcast a day/ taking notes, and read 2 books a week. I have all of Brandon Turners books, read Rich dad poor dad, the millionaire next door, the one thing, good to great, your next 5 moves, 4 hour work week, the richest man in Babylon, and about 40 other books on my shelf in the lineup. But, my family really wants to be settled in our own house first before they get behind me and focus on this new course (we know it's for the long-term). However, we don't have any money, and I know that an FHA loan does not grant you the opportunity to buy undervalue and force equity; not to mention my family really wants to be in a rural area with at least 2 acres which brings the selection down even more.

TO MY FIRST QUESTION…

Is this scenario or something close a god creative financing strategy? 1. Have my wife get a hard money loan on a distressed property. 2. Fix it up 3. Sell me the property to me in my name using a conventional loan based off the ARV. 4. Walk away with hardly any money out of pocket 5. Use the balance of her sale after paying the HML and use that in our first rental investment or at least we have a home to start building equity. With me buying it off her I could shorten the timeline of the HML from seasoning.

Understanding #’s are key I know, my primary concern is the reality and legality of this structure?

A property were looking at as of yesterday…

Double-wide mobile home w 1,000 sq, ft pull barn

3 acres

$75,000 sale

$25,000 repair costs

$150,000 ARV

$120,000 new financing w conventional loan

It’s good to be here,

BJ Bruce