Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 10 years ago,

User Stats

225
Posts
122
Votes
Vicki Gleitz
  • bennett, CO
122
Votes |
225
Posts

A Year to Do it right

Vicki Gleitz
  • bennett, CO
Posted

I posted the 180 day challenge, and also the one about my son. We now have investor financing set up if LJ can't get a bank loan. LJ had no credit but now has a passbook savings loan and a secured credit card [ that he will use only 10% of] to build credit.

He receives SSDI, and when he receives back pay he should have about 20 thousand dollars to invest. By this rime next year he should have about 30 thousand. He is now working just a few hours a week for a friend at minimum wage [he can't handle more work than that] and will make a little extra by selling Avon again. He is also signed up for free classes on investing and other money matters by a group that advocates for financial independence in severely disabled people.

So, in a year, with 30 thousand down, training, decent credit, about a $1500 a month income, do you think, without the investors money,only $30,000 saved,he should be able to buy about a $70,000 dollar [$40,000 after down payment] rental home?