Newbie from Eastern NC

[Edward Colby]

Hey BiggerPockets, my name's Edward and I'm happy to be a part of the community here. I've learned so much in the past few months just from lurking/webinars and of course, the podcasts.

I grew up in Eastern NC, but I've been bouncing around the country for a few years.  I was 25 and basically living off-grid when I inherited a 5 BR house with a tax value of approximately 100k. Although I think the Market Value is closer to 50k. The house is paid off.

I rented the house out to a few of my friends, on seperate leases, and I'm currently getting about $1k a month in rent off it. The inheritance, along with a few other life events, propelled me to join the real world again. 

What are some ways for me to proceed from here? Is it possible for me to get financing for other properties if I've never worked a real job (or by using my house as collateral?) What if someone in my family is willing to co-sign for me?

I'd like to FHA my way into a Multi-Family while I go back to school, or maybe even pick up some lower-end rehabs to get a feel for the business (I have contracting experience.)

I'm not trying to jump into anything, just seeing what my options are. Thanks BP.

[Edward Colby]

Originally posted by @Ashley Jackson:

@Edward Colby, I can't help you with your questions, but I can welcome you to BP! Welcome! I'm sure you'll get the answers you're looking for. 

Ashley J.

It's okay. Thanks for the nice welcome.