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
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
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

All Forum Posts by: Christine Krevalin

Christine Krevalin has started 2 posts and replied 3 times.

I am having a hard time finding a financial planner (advisor) that can help me organize myself.    

Does anyone know of any that are more open to REI's (or is one themselves) that can help structure my plan?

Am I limited to financial planners local or can they be out of state?  

Any insight, tips or advice is welcome.

Thanks 

Christine

Post: Saving for down payment

Christine KrevalinPosted
  • Posts 3
  • Votes 10
Quote from @Eliott Elias:

I save no cash, I never use my own money. Leverage OPM


 How do you leverage other peoples money?  You still have to have an initial everything no?

Post: How does one actually “start”?

Christine KrevalinPosted
  • Posts 3
  • Votes 10

Hi! I’m Christine. 
I need help. I decided almost 10 years ago that I wanted to become a REI. My grandfather had multiple rental properties and at a young age I understood the benefits and was intrigued. No sooner had I made my decision, I learned of my husbands infidelity and began the long, ugly divorce process. Once the dust settled this is what I was left with: single, marital house foreclosed, homeless, four kids under 10, jobless and flat broke. No 401k, no cash or assets anywhere.

Through these past ten years, I moved myself and my kids in with a friend, found a job (during ex’s affair and divorce I was in school to become a registered nurse), found a rental property to rent, then worked on my credit and saved for a house.

In 2019 I bought a house! I was so focused on getting a home for me and my kids the REI plan was on hold but let me tell you, when I was looking for a home to buy, I was so tempted to buy a multi-family. I even looked at a bunch. Unfortunately, with four kids, I struggled finding something suitable. In the end, I bought a single family colonial. Life was good… until covid hit and some various health conditions left me out of work, depleting saving and racking up debt. My credit was 720 and is now low 500's.

Here is what I have done so far to rectify this mess:

I am currently paying a law office to assist me with settlements or payoffs to these creditors and medical bills.

I am not using credit cards.

I can save $1k a week from my normal pay. If I work one extra shift a week (4, 12 hour shifts instead of 3) I could save closer to $2k per week depending on how much is taken out for taxes. 

I am educating myself, sticking my neck out asking questions, and networking.

So where do I start? Do I just save and then start once I have enough money saved? Do I speak to a financial advisor about these details and come up with a plan of action or something? Do I stop looking at real estate until I have sufficient cash on hand? 

The small multi-family properties in my state, Connecticut, are, well, a lot. 2 unit homes are closing around $280-$300k. I feel like this is an impossible climb. I do not want to sell my current home. I can’t refinance to take out the approximate 100-110k equity I have in it- (lousy credit).

I feel like a deer caught in headlights. I don’t even know what to really ask help for so any insight, advice, tips etc is welcomed.

Oh, I am 46, I have zero retirement saved. I know I’m a mess and a bit embarrassed posting here exposing myself to all of you. I’m determined to changing my financial situation. I will not be that 80 year old nurse still working. Please be kind.