All Forum Posts by: Kenny K.

I'm a newbie in Miami. Just learning. I'm definitely interested in joining a group. Are there any group features here on BP or would it be done through a site like meetup or Facebook? The organization I mean.

I do have savings and credit. It was mentioned how I can survive and it is simply because I am lucky enough to be able to pay a low rent and because I was raised in a home where we had to be very frugal and I don't spend much on "experiences" or things that aren't necessities. So yes, I am typically able to save money every month. If its a little or a lot depends on how many hours I put in.

I could buy a $5000 house myself. However, maybe I haven't looked hard enough but from looking at the listings in my area that doesn't seem realistic. At the very least I remember seeing houses for 30k to 40k where sellers want cash. I don't think I could get any monetary help from friends or family in cash to even afford a down payment, but I know several who would be willing to help out as tenants where their rent would go towards paying the monthly expenses.

The rehabbing part and diy work does not intimidate me. I know it may sound overconfident but I do have experience with difficult projects and I know all too well that things don't always go as planned and more work or additional money may be needed. I do have contacts in the field as well.

Thank you all for the responses. I appreciate the honesty and the details provided. I did read the forums and saw that there were people in worse position than I was when I started but perhaps I need to look at other avenues such as the ones you guys mentioned.

I think I was misunderstood about the comment I made about commitment, or perhaps I didn't express myself clearly but I'm not gonna dwell on that issue since it's besides the point.

Also, thanks on advising on the issue with people with disability income. I honestly had not thought about how it could be considered unethical or that I could ruin their source of income since the idea just came as a way to help them and myself get a better living situation, not the potential money. My short term goal would be have a property to be able to live in and just get experience with that before diving into investing.

Once again, thanks. Your suggestions were of a lot of help!

Hello. I need some personal advice.

I heard the ultimate beginner's guide podcast today. I had researched real estate investing in the past, so it was a nice refresher and I did learn some things. However, the issue about getting traditional financing in the form of a mortgage is still of concern to me.

The podcast did touch upon the fact that it would be a lot easier to get financing with a job. They didn't specify what kind of job in terms of salary would be needed. I assume the bank calculates your wages - expenses.

Making it personal, I do have a job. It is a simple part time retail job where free time is decent and hours are flexible. I have completed higher education and could possibly have a much better paying job but I fear commitment to a job with more responsibility where I won't be happy. I know the obvious path would be to take a job and save up money.

I mean, things such as the FHA loan sound fantastic, but reading the requirements it says you need to have a consistent job in the same industry for two years. Supposing I get through that road block (in another year which I don't want to wait) I have a feeling I will get screwed in some other way because of my low income.

So honestly, am I out of luck when it comes to getting financing from a bank in the form of a mortgage?

I also have another question. Supposing I get some partners or co-signers that get a monthly income from the government due to disability, or a person that receives retirement, would the bank consider that a valid source of income to be considered for a mortgage? And are there any special programs or benefits for people with disabilities or people that are retired?

Sorry for so many questions.