Updated over 2 years ago on .
Beginning My Journey Into REI
Hi All!
An employee of mine was looking at renting a house in the area that I lived in, and I thought "Wow, what a perfect opportunity to rent my house out and buy a multi-family property". Unfortunately, even though my DTI and credit score was good, the underwriting was not so good because I had gone through a debt consolidation program not too long ago which, as some may know, requires you to stop payment on debt for a period of time. That's when I started researching other methods and ran into the BiggerPockets YouTube channel and binge-watched a lot of vide
My primary residence I bought with a VA loan and seller concession and was hoping to do the same for the multi-family property, but it's not looking likely. I wanted to create some generational wealth and leave some property for my children after they turn 18, and even earn a little cash flow and expand from there.
All that binge watching though, may have given me analysis paralysis because I don't know if I should try real estate wholesaling first to try and earn enough for a down payment, then try to get into fix and flips, or just continue to look for lenders and hope that someone might say yes. In addition, North Jersey is a tough market from the listings that I had been looking at. Of course, I'm still new to this so I just might not be looking at things the right way.
Scrolling through all the forums has given me a lot of insight though, and I am hoping to continue learning more as I get started on my REI journey and connect with you all!