Hey guys. I’ve been getting a lot of info in the short time I’ve been here. Here’s my situation.
FICO- 687-700
Household Income $75000
No rental experience.
Some remodeling experience.
Assets (401k,savings, bonds) $46000
Money to invest $3000.
I’d like to invest in rental properties. There are some in my area that need rehab for about $65,000 with a ARV of about $125,000. Some range from $95,000 - $150,000 with little or no work needed… They vary from 2 - 4 unit buildings. There may be a potential rehab SFH across the street from me. I don’t have any #'s on that yet. But a sweet old lady lived there and now she’s in assisted living. Her family has been taking care of the house. When I se them again I want to let them know I’m interested if they ever want to sell.
So here’s my question. Should I just try to get into a rental property the quickest way possible with HML? Or should I wait until I raise more money via savings, flipping etc… and raise my FICO. Since I own my own home with a wife & 2 kids, my debt to income is around 30%. A part of me wants to just get started ASAP however I can. I’d feel better if I had about $20,000 to $30,000 to use for investing but that could take up to a year of aggressive saving. I apologize for the long post. Any help would be appreciated. Thanx.
Mike