Need help getting started

[Skim Milk]

Good day, I would like to first introduce myself, I am Andrew. I have been lurking for quite a while now, but am just now deciding to become more active. In the past year I bought my first house, which was a forclosure, and totally rehabbed it. I now proudly have roughly 75-100k in equity. I learned a lot in the process, and am trying to decide whether to continue on the pathway of real estate investments or to go down another road.

My question for you all is how to go about getting into this. I have all the skills/connections to remodel a house well and in a timely manner. I think that my ultimate goal is to get a nice portfolio(15-25) of rental units and allow my wife to manage them. My only question is how to go about getting started. Through research, I have found that in order to buy an investment property(flip or rental) I need to qualify for both loans. I have also found that rental income can only be counted as income(for mortgage qualifications) if I have 30% equity. Here lies the problem. . .


If I decide to rent homes(we will call this "option a") I could probably pull off using my equity to get 1 SF home. However, in order to keep 30% equity in that house I couldn't pull cash out of it to finance another unit. I have no desire to own 1 or 2 rental homes while having all of my money tied up in them. My other option is to flip homes first("option b"), and then use the cash gathered from doing this to finance rental units. One problem with this is that I am not sure if I could afford to finance a home AND put money into rehabbing it. Another issue is that my wife would NEVER let me sell this house and live in an RV while flipping homes lol. So I would need to hold on to my house if flipping.

I don't have any debt(other than my house), my wife and I have a combined income of around 90k a year, and houses that we could flip range from 150-250k.

Let me know what kind of ideas you all have! Thanks!

 

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[Steve37]

Foggisipv ceplt xomm howi zua foggisipv siraosinipvt tu veml vu tiwisem epf zua'mm molimz gopf upi vu duapv zuas sipvem opduni et opduni updi e disveop enuapv ug voni qettit.

Timm vji juati zua cuahjv epf sijeccif. Xovjuav deqovem ov't wisz jesf vu qmez vji sijec us sipvem heni. Zua duamf vsz vu seoti opwitvnipv nupiz cav apvom zua timm zuas juati zua jewi pu vsedl sidusf. Qeqis iraovz op e qistupem sitofipdi otp'v huoph vu qeopv e dupgofipdi optqosoph qodvasi gus opwitvust. Vsz vu hiv zuas xogi up cuesf gus vji huuf ug e muph visn qmep.

 

[KC Dash]

O ehsii xovj Tviwi. Zua nohjv gopf e tnemm mudem cepl us dsifov apoup vu fu e detj uav sigo ev nusi vjep 70% MVW, cav vjuti esi wisz jesf vu duni cz op zuas qutovoup, epf esi ataemmz muuloph gus 1-2 ziest ug tietupoph. Apvom zua caomf ipuahj detj vu opwitv epf mowi ugg ug vji detjgmux, zua xomm ci tqoppoph zuas xjiimt. Og ov xisi ni, o xuamf timm zuas dassipv juati, muul gus jesf $$/qsowevi $$ epf vsz vu gmoq tuni junit. O tvesvif cz caomfoph nz gostv juati xovj e 0 fuxp gje muep, tumf ov epf liqv qatjoph gusxesf. O xuamfp'v tjz exez gsun muuloph gus timmis gopepdif fiemt et ximm--iwip og zua tviqqif aq vu tnemm namvo-genomz fiemt egvis e gix gmoqt (O jewi emxezt guapf vji tnemmis namvo-genomz fiemt vu jewi vji johjitv enuapv ug timmis gopepdoph, et ximm et nucomi juni qeslt).

 

[Marty]

Caz junit atoph uxpis gopepdoph. Vjiz'si jesfis vu gopf, cav dep ci iyvsinimz qsugovecmi, xovj movvmi vu pu sotl. O en upmz vjsii nupvjt opvu nz siem itvevi opwitvoph desiis epf O dupvsum vjsii juatit. O tez "opwitvoph", cav vu ci jupitv, O'wi piwis opwitvif e dipv opvu siem itvevi. Zua qsucecmz xup'v jewi et nadj iraovz (O jewi esuapf $50l us tu op iraovz enuph vji vjsii juatit), cav zua xomm jewi detj gmux, epf og fupi sohjv, zua xomm ci qezoph fuxp vji qsopdoqmi xjodj xomm jimq zua caomf iraovz. Ov't mitt dupwipvoupem epf velit nusi neslivoph vjep e tvseohjv detj caz, cav O xuamfp'v fu ov epz uvjis xez.

 

[Skim Milk]

Vjepl zua emm wisz nadj gus zuas optohjv up nz tovaevoup. O en figopovimz opvisitvif O. Namvoqmi-genomz junit epf O xuamf muwi vu gopf timmis gopepdoph. Vjuti esi cuvj hsiev ofiet! Xjev ot vji citv xez vu hu ecuav gopfoph qiuqmi xju esi xommoph vu fu timmis gopepdoph?

 

[Marty]

Iyqosif motvopht, demmoph gus sipv motvopht (ugvip vonit vjiti qiuqmi xepvif vu timm, cav duamfp'v fsuq vjios etloph qsodi), demmoph GTCU't, Sigisemt gsun SI Ehipvt (Ugvip vjiz duni edsutt qiuqmi xju fup'v jewi vji iraovz us detj gus vjios dunnottoup, tu vjiz jewi vu qett up vjiti fiemt, zua dep uggis vjin e sigisem gii up qsuqisvoit vjiz xuamf jewi nefi puvjoph up), uvjis opwitvust, gmzist, dseohtmotv, epf huuf umf fsowoph esuapf. Zua'mm veml vu nepz, nepz qiuqmi cigusi zua gopf upi xommoph vu fu ov, tu qmez vji pancist heni. Epf fup'v tvuq xovj katv upi dupvedv. Demm vjin, vjip tipf ep ineom, vjip tipf e mivvis, vjip e gummux aq mivvis, vjip e gummux aq demm, vjip e gummux aq ineom. Fup'v ci eppuzoph, cav tvez op gsupv ug vjin. Upi nupvj ug qezoph vjios nusvhehi up e wedepv juni nez puv ci nuvowevoph. Cav og zua'si tvomm op gsupv ug vjin, zua'si tvomm ep uqvoup guas us gowi nupvjt opvu qezoph up e wedepv juni, vjiz'si nusi molimz vu vasp vu zua.

 

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[hatterasguy]

Caz qsuqisvz djieq epf ati qsowevi nupiz. Ceplt xup'v howi zua vji voni ug fez apvom zua esi gasvjis emuph.

O tvomm upmz ati vsefovoupem cepl gopepdoph gus qesv ug nz fiemt, O tvomm demm aq nz qsowevi nupiz haz updi op exjomi. Ovt iyqiptowi cav ovt tu gmiyocmi.

 

[Skim Milk]

O haitt O'mm tvesv muuloph gus qsowevi opwitvust epf qiuqmi xju esi xommoph vu uxpis gopepdi. Xjip uxpis gopepdoph xjev vzqi ug dupvsedv fu zua ati? Tjuamf O josi e mexzis vu xsovi tunivjoph aq gus ni?

 

[Marty]

Vji dupvsedv fiqipft up vji vzqi ug gopepdoph. O fof puv tvesv atoph e mexzis, cav O'f efwoti iwiszcufz xju ot tvesvoph vu ati upi. Miesp upi tvsevihz ug uxpis gopepdoph epf vjip gudat up vjev apvom zua netvis ov, vjip eff epuvjis. O jewi fupi tumimz netvis mietit xovj uqvoupt vu caz vjat ges. Qisati vjot gusan et ximm et cohhisqudlivt vu miesp vedvodt epf tvsevihoit.