SEEKING ADVICE TO AQUIRE MY SECOND PROPERTY
Hello,
I am seeking advice and ideas for my next move in the real estate industry. Let me provide some context. I am a 25-year-old mechanical engineer earning an $84,000 salary in the vicinity of Dallas.
My primary objective is to enter the commercial real estate sector through any available means, preferably focusing on multi-family properties.
About a year and a half ago, I purchased my first house, a 4-bedroom, 3-bathroom property, and I have been renting out the extra bedrooms via Airbnb (house hacking).
Now, I am eager to acquire a new property, but securing financing has become a challenge. To meet the requirements, I would 12-month leases for all three rooms, which seems highly unlikely. One potential option I am considering is finding a family member who could co-sign for me.
Ideally, I would like to locate an apartment complex, quadplex or a new house that offers owner financing. However, I lack knowledge on how to find such opportunities.
If I do decide to purchase a new house, I plan to continue house hacking by renting out rooms. Simultaneously, I can transition my first house into a full-time rental property.
Another option under consideration is exploring new job opportunities that could offer a $10-20K salary increase along with a $10-15K bonus. With the increased financial capacity, I could purchase my new home there.
On the other hand, I am contemplating whether I should double down on my efforts and focus on carving a path into the commercial real estate sector, which is my ultimate goal.
I would greatly appreciate any advice, ideas, or suggestions you may have regarding my situation. Thank you in advance!