New member from Missoula, MT.

[Ralph E.]

Okay, I should have posted on this new member forum first. So here I go. My name is Ralph and I am located in Missoula, MT.

I am interested in real estate because I am looking for ways to overcome: living from paycheck to paycheck, having savings that I always end up withdrawing from, etc.

I am looking for mentor's, partner's, people who will help me with advice on all aspects of real estate, networking with professionals to achieve financial security and more.

Some things that I would like to know more about are: ways to possibly network with experienced investors, etc., who would be willing to help me as their protege' on real estate deals, ways to buy inexpensive plots of land (owner financed) to either get a wrap-around mortgage on or sell at a higher to pay off and profit from the difference, ways to possibly acquire a turn-key rental that I can make monthly cash flow from while also paying any loans I used to get the property (with my bad credit, no money, etc.).

I look forward to becoming a colleague of yours.

[Jon Holdman]

Hey Ralph, welcome to BiggerPockets.

Unfortunately, I have bad news. Real estate investing won't fix this: "I am looking for ways to overcome: living from paycheck to paycheck, having savings that I always end up withdrawing from, etc." This is a symptom of spending more than you make, and making more will only temporarily help with this issue. Believe me, I suffer from the same problem. I make a lot more than when I graduated from college 30 years ago, but still seems to never quite have enough. In "Think and Grow Rich", Napoleon Hill discusses this very issue. Somehow you have to spend less than you make so you can save at least a little out of every paycheck.

Bad credit and no money is pretty much a death knell for buy-and-hold real estate. Even if you can manage to acquire a property with minimal cash (not easy) you still need cash reserves to operate the property. You won't get any sort of conventional financing with no cash and bad credit, so you're limited to some sort of owner financed deals. Unfortunately, sellers are aware of the value of such properties, so getting a good deal is difficult. Terms or price - hard to get both.

Rental properties don't spin off a lot of cash. Getting a few hundred a month, even if you do all the management and maintenance yourself, is about as good as you can do.

Lots of folks hold out wholesaling as a quick and easy way to make money. I don't believe its either of those. But it can be a way to get a foot in the door.

Watch out for gurus peddling miracles. Reading your introduction, I think you're looking for a quick way to make some cash. Real estate is often pitched as a way to do exactly that. But mostly by people who are catering to people looking for a dream.