Debt
Hey All,
This is perhaps the one question that, without a clear and concise answer, stops me from getting the ball rolling with investing. My fiance and I are recent college grads with significant student debt. After taxes, our yearly incomes, together, make our debt-to-income ratio about one-to-one. Also, due to our family, work, school, and life circumstances growing-up, our current savings is in the mid-four figures. So things are tight. Month-to-month cash flow is comfortable--we certainly aren't destitute--and we both work full-time. Circumstances are never excuses, however, the situation "is what it is", so to speak.
What is my best plan of attack in this scenario? I've looked around and haven't found a similar discussion, so I'm asking for a little bit of help. My original plan was going to be the following; wholesale for a few years in order to pay down/off debts. Continue this to build-up 3-6 months worth of expenses and a down-payment on a buy-and-live home. Continue this for longer to save up for fix-and-flips, and continue until opportunities emerge in multi-family markets. The economies of scale in multifamily residential attracts me. I believe this to be my long-term niche.
What would you do in my shoes? What are my possibilities for the here and now? And, although I'm sure of your answer to this question, I feel as if I must ask it; Can I do this?
Thank you all again. As always.
Scott