Hello, thanks in advance for any input.
I am a recent college graduate (May, 2020) and have started a full-time position in the banking industry. Real Estate investing has always been a passion of mine but I don't know when I should start looking. I plan to have my first home be owner-occupied for the low down payment, and after living in it for a year, turning it into a rental. The only thing is, I'm not sure when to start. I don't want to get a credit pulled for preapproval and find out it's too early. I have $17k in stocks that I don't really want to cash out, and then with my new job, I'm pulling in around $3k a month after taxes. $2k in my savings account. I'm currently living at home so my expenses are minimal (spend less than $1k/mo on expenses). Also, my girlfriend of 6 years plans to help out, whether that be as a co-borrower or non-bwr contributor. She makes the same income as me (the same position I have interestingly) and even fewer expenses. She has $14k in stocks, $5k in savings. We both have credit scores above 760.
Would you all recommend we start my search, or should we save up some more? If you think we should wait, given our trajectory for income when would you make a move if you were in my shoes? I understand homeownership is a big commitment but I really want to start my RE investing career as soon as possible. Thanks again!
Submitted July 10, 2020 at 09:48PM by moterhead120 https://ift.tt/2W9vRCh
