All Forum Posts by: Tausen Richmond

With no previous real estate experience. I am wanting to start out with a 4 plex. I have 100k for down payment. Just stated working again only making 25k a year. Is that even possible? What kind of financing can I get?

In my area the cheapest you can get a home is about 200k. If your lucky you score a 20$/hr job (min is 12$), and get 40k per year, and are still unable to qualify. This is a reality for most people around me, they rent and are on the edge of homelessness all the time.

What can they do? What real options do they have? How do they have a chance to get into real estate?

Joe Villeneuve your post are the least helpful of all that I have received. I try to understand what your saying, I get it, I think. But it sounds like your mad cause I didn't do things they way you would do them. Maybe, im just a bit confused. I want to understand the wisdom you are trying to express, as I am sure you have much knowledge to share.

I am sure you have already noticed, I dont know anything about money, I am just learning now. Help me to understand how to better prepare. I only have the 250k, I have been poor all my life. I made a previous post to try and understand what other investors would do. I wanted to develop a basic outline of a plan for myself.

1. Fix my credit and get the work history I need to get approved for loan
2. During the next two years educate myself and develop contacts in my area, may still keep an eye out for local foreclosures 
3. Buy a BRRRR, SFH, or 2 unit Multi Family depending on the deals at the time, I like the duplex idea
4. Well lets see if I can even get to 3!

I realize now that having 250k cash isn't as useful as I thought, and using all of it on my first buy seems way too dangerous. I should be able to just leave it where its, use only if really needed. 

I am still a bit unclear as to how you buy a second home using the value of the first. But I have time to figure it out.

T.

Thank you all for your input. I will be focusing on finding someone to learn from near me. while continuing to learn everything I can online.

I inherited over 250k. It is currently invested through a broker, as I am still learning about things.

I need turn this money into a business that can be passed down to my children, and sets up a trust like what was given to me.

Recent listening to Rich Dad Poor Dad, and BP podcast, and a few others. REI is starting to look better and better.

I do not have many family or friends who understand or know what to say, when I ask what they would do. 

I currently do not have a job, and not the best credit, at least for now. That's fixable over the next 2 years. 

I am 47 and have one child at home.

I am looking to get to 10k a month in cash flow eventually. 

I see the possibilities and opportunities in my area, but feel blind still, and very unsure if REI could even work for me.

If you where in my shoes, what would you do?

T.