While I wait for my 2 year mark to come around at my current job to qualify for the fha loan I an trying to figure out the best strategy to pair with house hacking. I'm almost 100% that's how I want to start my investing journey, I am worried that my 35k a year income won't be enough to keep aquiring more properties when it comes to my debt to income ratio. I was thinking about getting my real estate license and doing that part time but don't know if I will be able to make enough money doing that. And lately I've been thinking about finding partners to do fix and flips to gain more income incase I have to put 20% down. If anyone can give me some ideas I would greatly appreciate your help.
First of all welcome to BP. Keep to your vision take your time and stay at it. There are plenty people to help you here. Set up your keyword alerts, read Brandon Tuner and J Scott's book. Also utilize the investment calculators. Can't state it enough there is a wealth of wisdom here. Visit the forums this is a great place to be a sponge you'll find partners and local meetups for your area.
@Ryan Howard a word of caution---being a real estate agent is NOT a good part time moneymaking possibility (it's time consuming to prepare to show property to buyers or to list them, plus gas & expenses of the business IMO). To make money in the real estate profession takes time and money. A Real estate license will expose you to the market though. Do you have any construction knowledge/experience ... If so, find partners and flip sounds advantageous. Keep in mind I do not know the PA market, but I start looking at quads, triplexes or the minimum being a duplex ... Buy it FHA, live there the required one year minimum (letting the tenant(s) pay the mortgage each month PLUS you pay "normal rent into money market/savings account" for growth).
Last summer, I bought my residence making a large down payment. Last week, I put a contract on a quad using FHA. I will move from 2000 sf into 800 one BR for a year, rent out my residence, and I've tripled my income (retired) ... If I rent my residence for 5 years, my 30 year mortgage will be paid off!
The point of all this .... You do what you have to do to get where you want to be in 1, 5, and 10 years! Good luck to your REI career!
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