Updated over 5 years ago on . Most recent reply
Long time listener, first time poster!
I'll keep this brief and to the point. I have this idea in my head that I will start building some wealth and becoming a real estate investor when the time is right. That time is when my credit is a 750 or higher, I have 50-80K in my savings account, and only when I have read every book and have become an expert at everything.
Does this have to be the case? After listening to the podcast for a while they talk about what newbies should be doing to get started, and I feel like I might be already ahead of the game and want to know if I have to wait for all the things above to feel like I am making some progress.
My situation/ goal - I live in Menifee CA, 92584. It is an up and coming city that is getting better and better every year. I want to buy 5 more SF rental properties in the area and hold them for 5-10 years to eventually cash out and invest in multi family properties.
My question - I have a wife and 2 little boys 1 and 3 years old. I currently have a VA Loan for 418k on my 4 bed 3 bath home that was built 2 years ago. I want to get renters in here as soon as possible and acquire another property to get started. Should me and my wife go rent a house to live in so I have better buying power and can use that down payment money to get a few more properties? Or should we buy another house for us and use it as a live in fix and flip for a year or two while we work on getting some more properties through other avenues? We are making pretty good money and can probably save 40-75k by end of next year depending on what we plan to do with the money.
I have my own home inspection business, I am motivated and eager to learn, and willing to exchange my time or services for some knowledge and guidance if any local investors in my area want to meet up and talk some more. Thanks guys! I am looking forward to a long standing relationship with Bigger Pockets!
Tyler Galleher