Skip to main content

Minority Mindset Community
Network with other Minority Mindset thinkers.

Reply to "Hello"

Thank you so much for your help.

I was looking at distressed properties in which I would be paying cash. I thought the money I had was enough but I see that there really is no way for poor people to get ahead. I have some stocks but I wanted to give my money an actual chance to grow for my children. A rental would give my children "passive" income and pass on to any potential grandchildren.

My rent is 4 figures and is actually inexpensive for where I live. I tried to buy a home years ago when my son was small. I was told that as a single mom, since I would have to take time off if my son got sick, EVEN THOUGH I HAD SICK LEAVE AT MY JOB, that they would not sell to me. That was over 20 years ago and never looked at a home since. Now my son is married and on his own and my daughter is 15. So that can't be used as an excuse anymore for me to buy.

I live 12 to 15 hours driving time from the other state. I would hire a management company. A friend owns a construction company and we've already started talking costs to rehab and possible loans (I know) to obtain.  The 5 years of back taxes I'm also able to pay.

All of that being said, I'm going to refer to your answer during my research phase. Again, thank you so much for your thorough answer. My next carrot cake will be in your honor. 😊