Biggerpockets family i really need ur help!

[John Sherron]

Hey yall, I'm trying to go about this investing thing the best way possible in my situation and could use some expert advice from my biggerpockets family.

I'm looking to get into the landlord game again. Its been over 10 years since i have owned rental properties and I'm giving it another go. 

The difference with this time is i actually want to gain longterm success and be able to maintain a livelihood for my family and I  through my investing. Meaning basically, quit my job forever!

Here is where i currently am:

-I live in Houston, Texas, been here now 6 years.

-I'm a local truck driver so i know the city pretty well.

-My fiance is a new realtor with Keller Williams, so thats a huge bonus. 

-My credit score ranges from poor to fair (around the mid to low 600's).

-Im bringing in a decent amount of money with my job but also have alot going out in expenses at the moment.

-I currently live in a apartment which i would like to make my last but my lease doesnt end til Oct. 2017.

-I have already been preapproved for a mortgage as of recently.

-I have very little down payment money available (around $1500 maybe).

-Have about $6000 available in credit cards.

-Currently live paycheck to paycheck.

My question for the more experienced investors is this:

What would be the best way to get started investing in rental properties in my current situation?

Risk is my biggest concern which i know will always be there but to go about this in the safest way is my top priority. 

I am open to any suggestions y'all may have. I feel somewhat nervous due to my past failures in real estate also due to my current financial situation. Also, with our economy starting to go through changes that indicate a bubble again, it also gives me concerns to whether I should get started now or to wait.

I know if i start off on the right foot, the left will follow suite. I just want to set up my business right! Even if I need to practice a bit more patience and wait awhile longer.

Biggerpockets family, I need your help, I feel very torn on the direction I should go! 

Thanks everyone in advance!

John

[Aaron Wyssmann]

John,

Have you listened to podcast 200?  If not you need to go and listen, it will help answer some of your questions.  You will hear it mentioned on that podcast but if I were in your shoes the first thing that I would do is write and stick to a family/personal budget.  You mention not having much money and there's only two ways to fix that, make more money and spend less money...both at the the same time are obviously the best.  There are great books out there that teach you how to do this.

While you learn to handle your personal finances, get on BP and read as much as you can. Learn about your local market, join the local REIA.

As Brandon always talks about on the podcasts, there are plenty of ways to buy houses with no money, at least none of your personal money, but it almost always takes someone's money to buy a house.  You can find a partner or have seller financing or any of the other host of ways to buy property.  

That's where I'd start in your situation.  I can give you this advice because I was in much of your same situation 5 years ago and by doing what I outlined above, the last two years have been very good to me.

Take action.