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Updated over 8 years ago,
Seeking advice...ultimate goal is to have over 30 properties
I'll try to get to the point.
I use to work for an investor when I was younger. Ever since then I've wanted to get into real estate. I never acted because I also wanted to become a police officer. I focused most of my life on reaching that goal. I'm now 29, and I've been a police officer for almost 4 years now. I work in a small town, so I don't make much. 38-40,000 per year. I do have student loans, which will be forgiven in 7-8 more years as long as I stay in law enforcement. I pay a percentage of my salary per year on the loans. I have some credit card debt, which I'm working on paying off. I'm 1,900 in the whole with the credit card. I have a truck that I owe 26,000 on. I've had it for almost two years. I'm currently renting a house.
What I'm wanting to do is get my credit card paid off in the next 5-6 months, refinance my truck in March of 2017, and buy a house in April/May of 2017.
That's where I'm torn. I imagine I won't be able to spend more than 80,000 on a house due to my DTI even after the credit card is paid. My student loan debt is 32,000 and banks have been telling me they can't base a mortgage off my current payment. They have to figure my payment as if I was working a normal job and had to pay the whole loan off. Which I understand. So, I'll probably be capped at 80,000 max.
At the same time my ultimate goal is own over 30 rental properties in the next 15 years. I want to retire from law enforcement in my late 40's. It's a rough career and it's just not like it use to be. I won't get into all that though. Mid 40's I'd like to get out and live off the rental properties, and I'd like to get into actual house flipping once I get out of law enforcement.
The problem is I'm not sure how to go about buying my first home with my long term goal in mind. Does anyone have advice? I know I'll need 20% cash to obtain a mortgage for a rental property regardless of what I do. Just not sure how to get started. I have to be out of the house I'm currently renting no later then September of 2017 due to the fact the owner is moving back into it. I'm just trying to get everything lined up. As far as investment properties I could go 3-4 years with no profits since I can live life off my full time job salary. I could sit back and let the rental properties build profits etc...
Anyway....some advice would be greatly appreciated, and sorry for the long story.