Hello to everyone on BP. Have lurked around watching youtube videos, but finally decided to make an account. Please excuse me with the personal issues. Have been very stressed out right now thinking about just paying for a few storage units and sleep in my car until I get things figured out. I'm seriously in need of help, but I believe in paying my way, so let me know if you need coffee or something.
Kind of in dark place.
TLDR:
A guy who was a loser upon his early 30 I am wondering if I should look for a home (like a duplex), and rent it out, while I live on the other side (I am around Houston near crosby) if that helps, or am I in a out of luck situation due to the market. This would be my first time doing any real estate, my credit score is excellent, and I could put down a down payment. The problem I fear is dangling debt (like being stuck with a mortgage and stuck in a situation where I am screwed).
My Story:
I'm in my 30's and was a loser most of my life. Yes, dropped out of college twice, had a job high school kids could've grabbed, and staying at home with family, being silly and chasing something. Thats one thing I have to my name, I am very determined and will strive super hard for success. I spent most of my life trying to be in the entertainment business, but ended up a failure, and I was acknowledge day in and out by my family I am a loser and always compared to my peers. I think thats one of the reasons I failed entertainment because my family would be a headwind anytime I tried to move ahead and tell me to get a job, etc (and they have every right to, I had no track record). Then I lost a few close relatives who passed away and was very depressed. I am not a depressed person or have mental issues, its just life didnt seem good. Days I would wake up with a headache and unproductive. Its very stressful when you make near minimum wage with a job that bashes you all day, and you come home to people who bash you down as well. I was literally getting sick and my blood pressure was elevated (normally its 120/81 or something around there).
Speed up to 2019 I dabbled with starting a online business. The first year was pathetic but I never gave up, then 2020 I made almost 30k, then 2021 almost 60k, and now I have been making a good gross income. Every month though I have been putting nearly everything back to grow the business (I literally cut all expenses, leisure, and have been very focused on growing this).
And this where the next issues come in. My family argued that what I am doing is not a real job, then they saw I stopped going to the terrible job, and started complaining, so my inventory to provide the products has filled up my 10 x 10 room, half of the other room, and part of the garage. So now they said its time for a storage or you will have to leave, so I obtained one recently, and have been cataloging everything in boxes before I bring it. Well long story short, they see all the products in boxes scattered all over the room and hallway and started a huge argument (even though I am bringing it to storage), and they let me know they want anything and everything out of my room so they can remodel it and if not, its time to go.
Well I think its time to go. I used to go to them and show them that my life turned around and I am started to have some success. I just need to work a little bit more, invest, and I can get me a home and possibly retire in a few years, and they would say things like why do I spend all day working and collecting materials for this junk, and that their home is not a place to run a business, and now that I make more money, I need to go pay a huge *** mortgage and so like they do. So I completely understand. Its very stressful in the field I am in, but I never been in a field where I feel right at home.
Real Estate Issue:
Anyways, I'm confused as this point what to do. Rent is extremely high in Houston, and so is crime in some parts. My friend pays $1300/month for 2 beds, and they told her it will be $1500 on the renewal. Im not sure if I could pay $1500 forever because I nearly roll everything I have back into my business, so I just feel like is it better to buy a home? Have been watching Ken Mcelroy and Ben Mallah to learn about investing.
I was thinking of a duplex or triplex because I'm thinking that the tenants could pay the mortgage (or greatly reduce it), I can write it off, and run my business in peace. But I know there are pros and cons to every situation. I was thinking also a SF home and rent rooms out, but I wonder if its issues that could happen with tenants, people stealing my stuff, etc?
Its at the point where I am wondering should I just rent a uhaul, move all my stuff out (which is alot), and get a few storage units, sleep in my car, and just work mobile, or what? Just feel like I am a dark place right now. You dont know how embarrassed I feel writing this, just dont have anyone to really talk to about it.
