so my current situation is i have fair credit around 700 from what creditkarma states but with to many hard inquiries. my total debt adds up to 27 thousands. im making monthly 2,144 a month before tax and in my savings i just reached 1,000. i want to get a rental property but with very little funds or not the right partner to work with. i have tried with private/hard money lenders but i don't have their upfront fee cost and repairs or any experience in to game so they wouldn't loan to me. i have tried with a traditional bank for fha but they say my dti (debt to income ratio) is to high and again not enough money for a downpayment/repairs. what would you do in my situation to get your first rental property? to me it sounds like i need to have a good chunk of money and to have 10 years experience to start investing.
@Kenny Sibrian here’s what I would do in this order. 1. Find a higher paying job. 2. Pay off that debt you mentioned. 3. Save or earn more money via day job, wholesaling commissions etc
With the limited information you provided that’s what I would dl
In addition to what @Caleb Heimsoth said, if you are having a hard time increasing your income with your day job, I would suggest geeting your real estate license or finding another commission based job that you could side hustle to make extra income to pay down some of that debt.
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