Trying to find financing for a property

[Ayiesha Maitland]

I need your help. 

I’m a 28 year old nurse who makes 4K a month and has poor credit (600) if I pay my credit card off it will jump up. It’s the only thing on there. I have a one year old who is in daycare and a fiancé who is in school and works part time (he’ll be done in March. Hallelujah.) I pay all the bills at the moment and he helps where he can. So there’s no room to put my job on the back burner. We live in NY, so you know that 4K is 100% gone during the month. Struggling bussing it right now but we’re making it. 

I’m SO miserable as a nurse, sounds a little selfish, it’s just not for me. I want to be an investor. 

How do I invest with no money and poor credit. Lol so silly I know, it will be hard but, there has to be a way out there. I just want to make good choices for my family and I know barley scraping by each month is NOT it. How can I find someone to fund this property I found? They can have it after I BRRR it. as long as I get the equity to put into another home. Or something along those lines. I don't know where to start.

Thank you,

Ayiesha. 

[Patricia Steiner]

You're not ready.  You're not ready to be an investor.  Yet.  You're not ready to seek financing. Yet.  You're not in a position to put down a 20% down payment and another 3% to 5% in closings costs.  Yet.  You're simply not ready.

Know what you are ready for?  A change.  You don't like your life as it is so change it.  Nurses are hired in a variety of industries - from corporate america, to insurance, to the medical community.  Start there.  And, then start a disciplined savings plan.  Build up a war chest so you can pay down your credit card debt, save for investing, and become financially sound.  Real estate investing is a business.  It takes a lot of resources.  It's not risk-free.  You hear stories of someone having $1 and building a real estate empire by noon the next day!  Those are called liar, liar pants on fire.  

I'm so glad you posted today.  When you finally have the courage to admit your life isn't going where you want it to go - and you're committed to do something about it, great things happen.  Investing can wait for now...you've got other opportunities to explore!