I've been studying and learning about real estate investing for years and I'm ready to finally get started. I've learned so much but never taken action. This year I turn 30 and my wife and I just had our first baby a few months ago and I want to give them the life I know is possible through investing in Real Estate.
Here is where I stand currently:
My wife and I both work at a local Church and are both W2. (Make about $70,000 combined including benefits)
Have a personal home worth $181,000 and owe about $161,000. (Looking to list on AirBnB soon and stay w M.I.L. when booked)
Have about $3-4k in the bank.
Wife has great credit, I have poor credit and CC debt.
I know we don't have the best stats but I am ready to get started and do whatever it takes! If it takes scraping my knee and learning by doing I am ok with that just ready to get in the game!
Long term goals are to buy and hold and build cash flow through single family and eventually through multi-family!
Knowing a little about me where would you guys suggest I start to be able to get started soon?
Congrats on the baby! It changes you for sure but so rewarding!
The Airbnb seems like a good idea. I would focus on paying down all CC debt first since the interest rates are typically high. Have you gone through Dave Ramsey's Financial Peace or do you have a budget?
Once CC debt is gone (and stays that way!), I would start with house hacking a 2-4 unit.
Thank you for the feedback Martin! I’ve heard good things about Financial Peace, I’ll have to check it out!
Credit repair, house hacking and financial peace are all good ideas. That said, keep in mind that Dave Ramsey preaches to NOT acquire investments with any debt, which would be nearly impossible in your financial situation. Nearly everyone on BP is doing just that, myself included. I started out in a similar financial situation as you and have been conservative and mindful of my investments and how I grow my portfolio and it's been life changing.
Congrats on the baby- best of luck!
@Corby Goade thank you sir! Yes, I feel there are ways to still get started even in my current situation! Thank you for the feedback!!