I've been doing some research and this seems to be a common method to get into real estate investing. I really want to get into it, and here's my situation. We bought our house 10 years ago on a short sale for 175k, its down to 139k and with the spike we probably have about 300k of equity in it now. Our credit isn't great we've been working to fix it probably in the mid 600s but weve been paying off debt at a really quick pace and will probably have most of it paid off by mid next year can probably hit the 700s next year I believe. I don't know how much that is going to play into it.
We're not really liquid to come up with either the 3.5% down for a down payment for the down payment for a second property or sure what the approvals are going to look like. Has anyone had experience w/ this? I know I want to get everything else paid off first or close to it. I don't know if theres a better way to get into real estate investing in this situation. I know it would be key to analyze a property that would be really profitable and be able to get renters in quickly.
We're not really liquid to come up with either the 3.5% down for a down payment for the down payment for a second property or sure what the approvals are going to look like. Has anyone had experience w/ this? I know I want to get everything else paid off first or close to it. I don't know if theres a better way to get into real estate investing in this situation. I know it would be key to analyze a property that would be really profitable and be able to get renters in quickly.
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