I CURRENTLY WORK AT A SECURE JOB AT A HOSPITAL IN MICH.$10HR.*I AM 29 YRS OLD W/ 4KIDS AND WIFE.
WHAT WOULD BE THE ROUTE IN YOUR OPINION?
*GET A REAL ESTATE LICENSE AND PLACE PEOPLE IN HOUSES?
*BIRDDOG?
*WHOLESALE?
I HAVE CREDIT SCORE OF 420
I CANNOT MAKE THE KIND OF LIFE I WANT FOR MY FAMILY IN THIS JOB HAVE ANYONE BEEN IN THIS POSITION AND MADE IT OUT? PLEASE SHARE ANY NSPIRING WORDS AND TIPS THANKS.
Where in Michigan?
You can make it out. Leverage your brain not your wallet. To do that you need to learn. This forum is a great asset full of a wealth of knowledge. I am also from Michigan. PM me and I’d be happy to talk with you about some different ideas you could do.
People have definitely been in your position and worse and “made it out” . If you have read biographies of the richest people they have almost always struggled and some point in their life. Checkout a book from the library about them , which might help inspire you.
If you work in a hospital now , is there someway that you can take classes or training to somehow gain a higher salary? Look at the staff making more than you…how did they get there?
The route that you choose really has to be up to you. What do you know the most about? Your credit score shouldn’t matter too much for bird dogging or wholesaling homes, the same of course with getting an RE license.
Try to find someone in your area that is willing to help you. People are greedy/money motivated if you can persuade them that you can make them a profit they will be interested.
Learn as much as you can about real estate and about your local market.
People make money from their knowledge …you must be able to know what a good deal is. A “good deal” in one zip code might be extremely overpriced in the next.
And most importantly don’t ever give up on being successful whether it be in real estate or another field. If you lose hope or faith in yourself it won’t happen. Don’t listen to what unsuccessful people are telling you …they have absolutely no knowledge of what you are trying to achieve. Have they done a single real estate deal?
Best of Luck!
Hard to say what “route” you should take from a simple post. One thing is for certain. Don’t quit the main job until income (from whatever) far exceeds it.
Now, the real question that you need to answer to yourself is: What are you prepared to do in order to succeed? What are you willing to sacrifice, delay, prolong, and push in order to succeed? What is your family prepared to do in order for you (and them) to succeed?
Are you prepared to work 80-100 hours a week? Sleep 4-5 hrs a night? Forget that you have a TV? Miss important family events?
Raj
Wow, that sounds really extreme, Raj!
This man has 4 kids! And makes $10/hr. So yes, go for extra training, figure how to get to $12/hr, then $15/hr but you can’t give up your job.
You can get a 2nd little weekend job and save that money.
Your wife needs to get a job. If the kids are small, do babysitting at home. An extra child or two won’t make much difference and that is found money.
Often there is a demand for drop-off “sick child” care for working moms who must go to work. There should be a premium on this child-care.
Enlist the whole family. I once knew a blind man who assembled radios at minimum wage and whose wife worked as a nurse’s aide. They had 3 kids. They bought a house for $45,000. I was working as a Realtor then and I sold it to them. (This was San Diego, California so they must have made money on that house) It was an old lady’s house, she had gotten too frail and moved in with the daughter. I called the daughter and she was willing to sell it on an “owner carry” contract.
The blind man and his wife came up with $1200 as downpayment. I had the seller pay the other costs. Don’t remember if I got paid or not. Don’t think so, but I got paid in satisfaction of seeing that family become homeowners.
I remember asking my friend the blind man HOW they had managed to
save $1200 when none of my other buyers seemed able to save a nickel. He replied, “We just do without.”
So that’s what you do to buy your first house.
Also, in Michigan there must be some low-cost homes out there as the state is losing population.
You should try to buy a home with a rental unit attached. Then you can get income from the rental. Fix up the homes, sell them or refinance, and get another. Just keep fixing and saving.
Teach your kids how to paint and clean up houses. Make it a family project. This plan won’t jeopordize being able to feed your family. Your family is your riches. This time now, being poor and striving, might end up as your kids’ happiest memory if you enlist them in your plan.
Furnishedowner
Why does that sound extreme to you, FO? You just said the exact same thing, only in alot more words.
RE investing is a business and should be treated as such. This is even more true (if it can be) IF someone is wanting RE to get them out of a current job/economic situation.
Now, since I agree that someone shouldn’t quit their day job, the only other solution is to work TWO jobs, correct? So, is 80-100 hours reasonable to figure for 2 jobs, especially considering one is a startup company? Most definitely!
Maybe it was my question on sacrifice that was extreme? That is the same as “doing without,” only in much more detail. Not only if funds are tight are they going have to “do without,” they also have to be committed to doing MORE and getting LESS. Is it better to spend $100 on Junior a summer league of T-ball games, or putting that money into an investment fund so Junior can BUY a baseball team down the road?
Does someone’s family have to be supportive of the idea? No, but it sure does help. It’s an uphill battle WITH their support. Without a strong family backing, it’s nigh impossible.
No time for TV if you’re planning on starting a successful RE business AND working a fulltime job. Same goes for sleep. And which is more important to you, attending Uncle Eddie’s third marriage or closing on the deal that nets you your first $10-15-20K profit?
Raj
OK, Raj, you are right. It’s going to take sacrifice.
I just had a mental picture of a happy little family painting a fixer-upper instead of the 100-hour work week with 4 hours of sleep. It is going to be tough any way he does it.