The First Step

[Christopher Rodriguez]

Hello all! 

I recently joined the BP community and have already been shown a tremendous amount of support! I am greatly appreciative for any and all information that is shared, so thank you for that. 

That being said, I am still quite hesitant on taking my first step into the REI industry. After speaking with a local realtor and lender for quite some time to just get some information, they advised me that we are currently in a "buyers market" compared to a "sellers market." They suggested that I take the steps towards acquiring my first primary residence now because it could pay off in the near future. However, I am just not sure if the numbers are there so to speak.

With providing some rough numbers, my extended work experience with my company, and my credit to the lender, he informed me that I could potentially qualify for a $250k property with an FHA loan and a conventional down payment assistance loan which would put me with little to no money down out of pocket. He even mentioned a term "sellers concessions" that I guess has something to do with the seller helping out with the closing costs. With the average apartment in my area ranging from about $1600 and up, having a mortgage rate between $1200-$1400 (again, rough numbers the lender provided me with) doesn't sound too bad considering my money would be going towards my investment and not just right out the window.

Now all this sounds very intriguing considering I am ready and willing to take these steps, but with where I am at as an hourly wage employee living paycheck to paycheck, in a VERY expensive town to live in, the numbers just seem quite daunting. I have been with this company for going on 3 years now which the lender said helps me out a bunch when trying to qualify. But if I were to try and find another place of employment that pays me more, would that hinder me when it comes to qualifying? Or do I use the track record I already have to my advantage and then make the switch? If I do make the purchase for a house now, can I sell it in the near future or am I stuck with it? - the goal would be to turn the property into a rental property, or some other sort of profitable investment. I am just trying to see what my options are when it comes to purchasing the house and turning it into an investment down the road. I already have a buddy willing to move in with me to help with the expenses of the house. Also worth noting, after some quick searches, there's not really a whole lot of promising properties near me going for that price range. As a single father, I can't justify living in a sketchy part of town for a year or two just to make an investment. His safety is the priority. 

Also another "spitball" comment here that's a bit of a tangent, with the end goal being to become a successful REI, is it worth taking the time to become an agent? - this could also be another career shift for me considering I am trying to find a more profitable source of income for my 9-5 job. But of course, this takes time and would mean that I would be stuck at my job where I am at now for at least another year or so. Just another piece of information that I would love some insight/advice on.

I guess my main concern is, is it worth taking the steps to purchase now or do I need to get more ducks in a row before starting my journey into the REI world? - again, any and ALL advice/tips are greatly appreciated! Also, if there's anyone local who might have some more local insight, feel free to shoot me a message and maybe we can get together and discuss things further!

Thank you all for taking the time to read my post! 

Best Regards, 

Christopher Rodriguez.