Seeking personal investment advice, agent in training
Hello everyone,
This is my first post, and I have a few questions.
My names Joe, I am 27 married with a 18mo old son,
I am currently taking online classes to become an agent (3rd day) in California, I currently live in Texas. but will soon be moving back to Bakersfield California,
With the job market for my current field a job looks distant and at the urging of a personal friend and very succesful Realtor and former "power broker" I am entering the field of Real Estate, and he is attepting to bring me on to his current company.
My wife and I are interested in possibly picking up a rough foreclosure and rehabbing it, We will most likely occupy the home while in construction, We are currently looking at homes and duplexes in Bakersfield Ca and surrounding farming towns.
Our current financial situation is 25K in savings, and 50k in 6mo CD (out in sept), I am currently unemployed in texas and have been since January after moving here for a job and being laid off and we are looking at older homes in the 35-50k range, that need minor to moderate work. The area we are looking has a high renter population and low rental availiblity.
We are still on the fence as to wheather to immediatly attempt to re-list the home when completed or to rent it and go from there with another home, Our short term goals are to get either enough flips or enough renters to let me attend college full time, while also working as an agent, and my wife stay at home (lofty goals I know) and of course our long term goals are financial independance,
I have moderate handyman skills and know what I can and cannot do, and what I will need a contractor for. but this is still a scary prospect,
So other than any advice you can squeeze from what I have provided, a few questions I have are.
Is this feesible?
Will a lender assume a loan on a fixer that we will rent?
Can we get a loan easier if I put say 70% down.
Am I screwed because i am unemployed?
We both have good FICO's Mine 710, wifes 730, will this really help us.
How much could I feesibly try to borrow for say a 4 plex or duplex, with our situation, given the potential rental cash flow?
So there it is any advice would be welcome with open arms....
Thank you.....