Single mom wanting to get started

[Kristyn Cross]

I'm a newly single mom (35 years old) to a sweet baby girl who just turned 1. I'm currently living with my parents. Living under my parents roof while trying to raise my daughter is too much and I need to get my own space. I'm very grateful that they have allowed me stay with them, but I think it's time I move out.

I have recently learned about house hacking and it excites me to think that I can get started in real estate investing with little down and I could possibly change me and my daughter's life. I don't want to live paycheck to paycheck and I really want to achieve financial freedom while doing something I'm passionate about. No one in my family has a clue about real estate investing and I grew up expecting to work the M-F from 9-5 and paying on a 30 year mortgage that will hopefully be paid off by the time I retire at the age of 65. I don't want that kind of life and I want my daughter to grow up knowing that there are other possibilities if she also desires something different.

I don't currently have a retirement account and I need to change this. I have my daughter full time and I currently work 2 days a week. My mom watches my daughter those 2 days while I work and I don't have to pay any childcare which Im very thankful for. While my daughter is so young I want to stay part time. I can afford to move out and rent something while working 2 days a week, but I know I would be living paycheck to paycheck, so that's where house hacking could possibly help.

I have an emergency fund and a good amount in savings. I've been listening to the Bigger Pockets podcast, but I'm just not sure where to start. I don't have anyone to talk to or ask. My family thinks I'm absolutely nuts when I talk about house hacking. They have no idea what I'm talking about when I bring up real estate investing. I do have a current real estate license that I never used, so I've really forgotten that knowledge.

What advice or tips would you have for me?

[Zachary Ware]

This is my personal opinion, so take it as you will. I think investing in RE is alot of hard work. If I were in your shoes, with access to free housing and baby sitting at the moment, I would work as much as you possibly could. I would try and build up as many funds as early as you can. RE is a great wealth builder but it can take alot of money to play the game. Keeo your living expenses as low as you can for as long as you can while you increase your income. Making a wide gap here is what leads to financial freedom. 

Goodluck on your journey!