My personal situation and figuring out how to get started.

My personal situation and figuring out how to get started.

Renter · Jacksonville, FL · Member since 2015 · 41 posts · 3 votes

Hello to whomever scans this post. I’m trying to figure out a way to word this so I don’t sound like an idiot, but here goes.

My husband and I are interested in getting started as investors. Most likely houses hacking, maybe a mutlifamily or something. I have fear and confusion on how to start. The reason is that financially I would run away from us. I’m at going to put it all out there as embarrassing as it is. We have a bankruptcy 4 years discharged, we are building our credit (him at a 650 and me at a 620) but only as of recently. We have a couple personal loans, 2 car loans, and massive student debt. My question is how is it possible for us to get started? I have tried to think and I this may sound whiny and lack confidence but I truly don’t see how to make a partner trust you not only with no money but massive debt. So the only thing I can think os bust my *** to pay off some of this debt to at least be able to afford payment of a property for vacancy. Anyways long winded and I hope this made sense. Basically just wanting to know if for you investors out there what would your thoughts and what would be your first step with this situation?

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  • Nathan GesnerBusiness Member
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    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    5y

    First off, there are no stupid questions.

    Second, if you ask 100 strangers for an opinion, expect to get 100 different answers.

    I'm not a fan of personal debt. I think it's foolish to try to build wealth when you're still enslaved to debt. What you should do is get rid of the debt completely, save up some money, and invest from a position of financial stability.

    Read Total Money Makeover from Dave Ramsey. Everything he teaches about personal finances is easy to understand and proven time and again. You can also read "Set For Life" by Scott Trench and get the same principles but I think Dave has it spelled out more clearly.

    Get rid of the cars. Buy something used and cheap for cash. Even better: get rid of the cars and ride bikes to work or share a ride with a co-worker. Pay off your student debt and any other debt. Sell so much stuff that the kids are worried they'll be next. Simplify your life, hustle to make extra money, eat beans and rice, etc.

    The DIY Landlord Book4.7248 Reviews
  • Renter · Jacksonville, FL · Member since 2015 · 41 posts · 3 votes
    5y

    @Nathan G.

    Thank you so much for the input. That’s the direction I was thinking as well. Sometimes my brain gets all jumbled when I listen to the podcast and hear how Brandon says to ask “How can I make it happen” and hear some of the stories about partnering up and things of that nature. However, I believe I am at square one and need to put the time in that space first. Thank you again I appreciate your feedback. 😀

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