Hi all,

My name is Greg, and I've been following Bigger Pockets for quite a while.  I would like to get started in real estate, but have had some concerns that have held me back.  I figured I would pose those concerns here so I can get some feedback from you all and see if they are valid or not.

I have a large family (wife + 8 kids), and am currently renting myself.  I am carrying some debt, some credit card (should be paying that off in the next few months if all goes according to plan), some in a car loan, and some student loans.  My wife and I want to purchase a home for our family.  In our market, a home that works for our family is not cheap (probably in the low to mid $500k range).  We have a plan in place to pay off our debts, save up the down payment for that house, and purchase it in the next 2 to 3 years.

My question is, if I were to start acquiring real estate in the meantime, how does that affect my ability to purchase a home for a primary residence? An FHA loan isn't out of the question as of today, and I believe that if I own other property that puts a damper on that type of loan. I do have a couple leads on some private financing to get me started with down payments, though nothing concrete at the moment.

Also, my personal credit is not great at the moment, but in working with a mortgage lender to get set up for purchasing my primary residence, it seems that paying off my credit card debt will help that quite a bit.  How much will my personal credit play into that, and should I wait until that's improved a little bit?

I have a feeling I know the answer to most of these questions, so I guess I'm just looking for validation.  My biggest concern though is if starting down this path will delay being able to purchase a home for my family.

Also, I feel it's relevant that I add that in the long term, I am looking to build a rental portfolio to help out with the finances, as well as start offsetting my 9 to 5 income.

Thank you for taking the time to read this!

Greg