We are doing currently

[Phil Beck]

Hi I'm Phil. My wife and I have rental property in Kenya. I moved back to the USA after a bad business deal. We are basically starting over and want to start over here. Our rental property in USD totals 200 per month depending on current exchange rate. I had to get a job to work on getting capital but ended up using it to bring my family here. Since we are basically homeless we want to get rental property that can pay for itself.

One income is not going to work besides jobs are not secure. I saw a residential/commercial here in Davenport Iowa. I don't know much about real estate here in USA. Mortgaging our lands in Kenya will only get us 15000usd. It will be hard to get a mortgage in another country and then invest it here. The property I looked at is 59000 an old building 1910. It is across from 2 or 3 factories and surrounded by residential. Dollar General and Burger King is 10-20 minute walk. There is a restaurant nearby and electric repair place and abandoned businesses. The place use to be a tavern and from the looks of it the owners lived in the residential. It is foreclosed in 2013. Taxes is 2,652. It will need some work. Looks the owners maintained the place. 

I was thinking of occuping the residential and renting out commercial for 8,000-10,000 per month from what I collected from the square footage. I was thinking of getting financing for 60k. Paying 45k-50k for the property then use the rest to fix up the place, inspection, and insurance. 

I was thinking of looking for someone who can give advice about if this is the right move and how to get financing with zero down. Since I'm new to the area I'm working on developing connections. Was hoping to get some capital but my paycheck is getting used up in relocating my family. Homeless shelters allow us to stay so long. The current one I'm staying at ends by September 4th when my family comes. I'm relocating to a family shelter. Hoping to find something that works soon so that we won't have to rely on paycheck. This is the cheapest residential/commercial the other one is 99000. We did get our loan paid off for the bad business deal but my wife no longer has a job due to cut backs. 

This is what we are doing currently. My wife is the entrepreneur and I'm the problem solver. My wife has taken 3 entrepreneur classes to learn and pitch in front of investors. She learns something new with every new entrepreneur class she takes. I'm constantly looking for books to help see if the latest solution will work and possibly get a new idea.