You have gotten some million-dollar advice in the previous posts. Now here is some more:
To be successful in Real Estate, first you need to be successful in ADL, which is Activities of Daily Living. This is how you can judge someone’s competency. You need to be able to live in a reasonably clean home, put food on the table 3 times a day, do laundry, take out the trash, water the yard, maintain your car, pay the bills, take care of the kids.
First you do all those things, and do them well every day. If you can do that, then you can start the next step: Pay off debt, get an extra job (babysitting at your house brings in money while you’re WITH your kids), raise your credit score, start a savings account.
These first steps are going to take some months to do. Hurry, because this is maybe the best time in decades to buy a home or home with an investment property. The government WANTS to help you get a home. Don’t waste this chance. That is your 3rd step.
Just like MotivatedCEO I am a little harsh on “Co-dependent Investors”. I think that term is from Kiyosaki. You don’t NEED a mentor to hold you by the hand. You should be doing all those above things by yourself (keep your own profits) with just advice from others.
I am a little burned out because I mentored a few relatives and friends. They would desperately ask for help, I would tell them what to do, and then they wouldn’t do it. For them, TV, movies, shopping, hanging out, or just complaining was more important. It took me a while to see that they were still stuck on step 1. First they needed to clean their houses, take care of their stuff, etc.
Good luck. I hope you are the 1 in a 100 who is not a co-dependent investor.