Not wanting my past to dictate where I go, just where I start…

[Benjamin Bruce]

Driving Directions….your GPS is going to ask you where you are at; and where you want to go.

Let's set both straight in short order in order to get to my question. I'm 37 years old, been in the ministry all my life (since college) living in a parsonage. I'm still a minister, but currently now rent but with financial baggage. Until a few months ago I had no clue about money, I have no assets or equity, not even a savings, just the status-quo living from paycheck to paycheck. I do have a few thousand on a credit card due to be paid off in about 60 days at my current pace. I currently rent a house for $1200. I have 3 kids, married 15 years, and at 2 years into working at a corporation- I WOKE up 2 months ago when I realized my raise at my job just covered inflation (I know…I'm not even counting Bidenflation). I’ve thought about it, prayed about it, watched a slew of YouTuber’s and am determined I want to structure the rest of my life in REI with a focus on buy & hold multi-family. I’ve been listening to a podcast a day/ taking notes, and reading 2 books a week. I have read almost all of Brandon Turners books, Rich dad poor dad, the millionaire next door, the one thing, good to great, your next 5 moves, the 4 hour work week, the richest man in Babylon, and about 40 other books on my shelf are in the lineup. I live in a budget now, actually save, started a side hustle, and sold my TV so I can timeblock my evenings to devote to just learning.

The catch….my family really wants to be settled in our own house first before they get behind me and we focus on this new course (we know it's for the long-term). Were tired of small housing, limitations of renting, and long to be independent and free. However, we don't have any money, and I know that an FHA loan does not grant you too often the opportunity to buy undervalue and force equity; not to mention my family really wants to be in a rural area with at least 2 acres which brings the selection down and the price up.

TO MY FIRST FORUM QUESTION…

Trying to think with a creative finance mind, and say HOW not I cant; Is this below scenario or something close a good creative financing strategy?

1. Have my wife get a hard money loan on a distressed property.
2. Fix it up with remaining HML funds
3. Sell me the property to me in my name using a conventional loan based off the ARV.
4. Walk away with little money out of pocket (like an FHA down pay)

5. Instead of having an FHA loan, we have a low out pocket investment with forced equity, and a better rate

Understanding #’s are key I know, my primary concern is the REALITY and LEGALITY of this structure?

IE: A property were looking at as of yesterday…

Double-wide mobile home w 1,000 sq, ft pull barn 3 acres

$75,000 sale price

$25,000 repair costs

$150,000 ARV

$100,000 new financing w conventional loan

It’s good to be here and hope to join the family of the BP community,

BJ Bruce