You absolutely do not need to use bank financing to buy a house. There are so many other ways to buy houses or make money with real estate.
1. to build up your cash reserves you should do some wholesale flips.
2. Instead of buying rental properties, you can lease a house with the right to sublease it. You still get cash flow and are not responsible for repair costs which can be a big financial surprise just when you least expect it. It is a good way to get started. After you have paid the owner on time for a year you should ask them about selling you the house with seller financing or at least getting an option to buy it at a below market price.
3. You can buy with seller financing - you'd be surprised how many people will say YES if you just ask.
It is good that you are working towards creating cash flow so you have income even if the jobs go away.
Congratulations on cleaning up your financial mess! Good job.
1. to build up your cash reserves you should do some wholesale flips.
2. Instead of buying rental properties, you can lease a house with the right to sublease it. You still get cash flow and are not responsible for repair costs which can be a big financial surprise just when you least expect it. It is a good way to get started. After you have paid the owner on time for a year you should ask them about selling you the house with seller financing or at least getting an option to buy it at a below market price.
3. You can buy with seller financing - you'd be surprised how many people will say YES if you just ask.
It is good that you are working towards creating cash flow so you have income even if the jobs go away.
Congratulations on cleaning up your financial mess! Good job.