Here's my situation. I bought my first property a couple months ago which I'm living in, and I'd like to buy a second property as an investment. I could try to do this on my own, but I have two very good friends of mine who are also interested in investing in real estate. I would be very comfortable investing with them since they are both long term close friends who are like minded, and I trust both of them completely. We were considering establishing an LLC and buying properties through that entity. Here's a run down of each of our situations.
Me: I'm 20 and have worked at my current job for a little over a year supervising a show in Vegas. I make $15/hour, and just bought a condo a couple months ago for 50k. I spent all of my savings to close on my condo, but I do a few side businesses to make money such as flipping cars, so if needed I could get together a couple grand within a month or two, but it's not my "official income" and is not shown on my taxes. My credit score is decent, but not great. I have a strike on my credit from a $4,000 medical bill, but that will be paid and removed soon.
Partner 1: He's 26, and is a co-owner on a pretty big house worth about 200k. The co-owner is his uncle who is wealthy and makes half of the mortgage payments for him. He works as a union electrician and makes about 60k per year, though being in the union he is sometimes on unemployment for a couple months at a time (Which he's on right now). He also has a car loan and has decent credit.
Partner 2: He's 21, and also works as a union electrician making about 50k per year. Although making decent money, he has bad credit. He also lives with partner 1.
So basically between the three of us, we make decent money, but don't have a lot of capital to put 20% down on properties at the moment. Would it be best for us to wait 3 or 4 months and try to save for a down payment for our first property, or is there a way to start sooner? Just thought I'd see if anyone could suggest a path for us to take to start off.
Thanks,
Shane
