Introduction to my Journey - Pour your comments in!!!!!

[Jared Threat]

Hi BP Family,

Here is my attempt at putting myself out there. My name is Jared and I am from/living in Buffalo, NY.  Married w/ a 2 1/2 year old and motivated to grow my real estate investing portfolio.

Background 

Myself, Stable W2 Job as a project manager making between 110k-125k - additionally, I consult (Brand strategy/project management)  which translates to an additional 5-7k per year. 

Wife is an occupational Therapist making about 70k per year. 

We brought our home in 2017 FHA for 142k at 3.5%. Mortgage is about 122k. 2 unit multi family that is now rented for a wash for our mortgage for $1000. Estimated value right now is approx 230k.

Goal

We want to be able buy more property but, I brought on some debt during renovation which has our DTI about 51% currently. We need to pay down our expenses so our plan is to payoff all revolving debt this summer to be able to access the equity in our place either through an home equity line or potentially cash out refi out of our current FHA to a conventional and then FHA into another multi.

A strategy I look to start with is house flipping. I've made relationship with a few "trusted" contractors and I gained experience gutting and putting my rental until back together. I have been reading a lot on BP and watching other people's journey and talking with investors in the community. 

Without us having a ton of our own cash liquid my plan of attack was to find people who would potentially partner with private funds to find a project and hopefully use some of the potential profit to pay down chunks of debt to get our DTI in a place where we can use our own money to scale.

To help, I invested in becoming a licensed real estate salesperson and I am almost complete with the required hours to take the exam. Over the summer I plan to find a brokerage that will lean to the investment side of RE to build connections and better source deals. I figured My schedule would allow me to build a business part time. Hopefully this will set me up to scale of the next 5-10 years. 

In summary - I plan to house-hack, Flip and Flip to paydown debt and fund scalable buy and hold from there with own funds.  Pushing myself to engage with BP community daily to help grow my network too.

any advice would be great.  Am I on the right track? What would you suggest? Happy to connect offline as well.

Jared