How to begin with little resources

[Josiah Mosley]

Hi BP community!

My wife and I have very little resources right now to actually go out and buy our first property. Our goal is to be able to purchase a duplex and house hack in the future in the Oklahoma City area. Right now we have college loan debt, credit card debt, and I am currently pursuing a master's degree in counseling psychology. We really do not have a lot of income coming in right now either. Other than focusing on paying off some of our debt, what are some things that we can be doing proactively to prepare for buying a duplex in the future? 

[Joe Scaparra]

Hi Josiah, 

I see you are an IT analyst, but you are pursuing a master's in Counseling Psychology?  Are you looking to change careers?  I don't know how old you are, if you have kids, are you renting or do you own, do you have a car payment, and do you have an emergency reserve of 6 months of expenses set aside?  

It is tough to make it in this world, especially if you don't have a game plan filled with objectives tied to a timeline.  The above questions that I don't know make it impossible to provide any real insight, except to tell you what you already know.  First, live below your means........what is that.  Well if you make only $20k a year live on less.  Don't be adding consumer debt to your situation.  If your over 30, double think your schooling, if not get it done and find the best paying job you can.  Build reserves as fast as you can.  When you can secure a loan, buying a duplex makes a lot of sense.  Starting out seems like it takes forever to get that first duplex.  However, once you get into it an actually experience this thing called passive income, you will be so motivated to get you another you will have wished you knew about this strategy years ago. Unless your just crazy motivated to become a Counselor, you will change your focus to becoming a RE investor, self-employed, thinking about doing things most people can only dream about. Good Luck!