Looking for Financial Advise for Getting Started
Hello Everyone!
I'm looking for some financial advice on getting started. I understand that there are many ways to finance a buy and rehab project. So here's my scenario.
I haven't done any deals as I am just learning about REI. I've calculated my DTI which is about 70% alone without my wife finances. I have about four savings account which totals a little over 3k for different reasons like Emergency (2k), Travel (1k), a credit union saving (~300+), and investments (~350 and adding [Had more but I spent it some stuff to educate myself and get started with the stock market. I'm still learning I took a big hit but slowly building back up]). I typically add about $100 to each for the Emergency, Travel, and Investments account every month. After bills paid, I typically have around $300 to $400 left to spread out for savings monthly. I have a principle of 9K left on my car which I plan on using the extra savings to quickly pay it off so I can have an extra 350 to save and invest. I thought about trying to quickly pay my Student Loans off after my Car, but I have about 18 more years to pay it off so the payment is super low (~250). I was paying double at first but that payment will also go towards the car loan.
With my finances, should I continue to save up for a certain down payment size for a buy and rehab? Or would could I be able to find loans that I qualify for which such a high DTI?
I hope this all makes sense. Thanks in advance!