buying rental property while renting
Hello everyone, I'm new here and I'm VERY anxious to begin my investing journey. I've been researching REI for over 2 years now and I'm ready to dive in. The problem is I don't really have much cash to play with. I'm currently leasing an apartment and I'm always looking at the cost of properties in my area and the prices are ridiculously low becasue of the housing market right now. I want to cash in on these wonderful opportunities while the prices are so low, but like I said I don't have much capital to work with.
My question I guess is is it unheard of for one to obtain an investment property mortgage for an investment/rental property while renting themselves? I know it may seem like an odd question, but I have looked all over this site and the web and I can't seem to find much info on this particular situation.
Most Popular Reply
Hey Sergio,
Welcome to BP ... The best resource IMO for rookie and expert advice anywhere on the net when it comes to REI ....
I'm much like you ... Except, I do have capital to work with. My fiance and I are actually leasing the house we live in now, but I bought my first duplex just a month ago. We couldn't buy our first house yet because we couldn't get approved for financing (was self employed only for 1 year while looking for financing) so after the first of this year will be 2 years for me! My fiance and I should be able to finally purchase a house of our very own! Until then, and even after that point, we will continue to invest whatever funds we have in RE.
With little funding, I would likely look to several other areas of REI (there are so many, its hard to count them all) Whether that be getting your RE license, wholesaling, etc...
And NEVER be afraid to start. That was my #1 fear, and I believe the fear of 95% of new RE investors ... That first deal! Best of luck Sergio!