Biggerpockets family i really need ur help!
Hey yall, I'm trying to go about this investing thing the best way possible in my situation and could use some expert advice from my biggerpockets family.
I'm looking to get into the landlord game again. Its been over 10 years since i have owned rental properties and I'm giving it another go.
The difference with this time is i actually want to gain longterm success and be able to maintain a livelihood for my family and I through my investing. Meaning basically, quit my job forever!
Here is where i currently am:
-I live in Houston, Texas, been here now 6 years.
-I'm a local truck driver so i know the city pretty well.
-My fiance is a new realtor with Keller Williams, so thats a huge bonus.
-My credit score ranges from poor to fair (around the mid to low 600's).
-Im bringing in a decent amount of money with my job but also have alot going out in expenses at the moment.
-I currently live in a apartment which i would like to make my last but my lease doesnt end til Oct. 2017.
-I have already been preapproved for a mortgage as of recently.
-I have very little down payment money available (around $1500 maybe).
-Have about $6000 available in credit cards.
-Currently live paycheck to paycheck.
My question for the more experienced investors is this:
What would be the best way to get started investing in rental properties in my current situation?
Risk is my biggest concern which i know will always be there but to go about this in the safest way is my top priority.
I am open to any suggestions y'all may have. I feel somewhat nervous due to my past failures in real estate also due to my current financial situation. Also, with our economy starting to go through changes that indicate a bubble again, it also gives me concerns to whether I should get started now or to wait.
I know if i start off on the right foot, the left will follow suite. I just want to set up my business right! Even if I need to practice a bit more patience and wait awhile longer.
Biggerpockets family, I need your help, I feel very torn on the direction I should go!
Thanks everyone in advance!
John