Any suggestions on my position?

[Doug Phillips]

Hey BP,

So as of 9/21 this year, my position at my job (Just answer phones basically)  will be terminated-they're hiring on someone else to do it + that person has a background in energy for years etc.  I was wondering your thoughts on what to do next mainly for cash flow/income, based on the following points.  Let's take a look at some things:

-I'm 25 and was/am making $10/hr (contracted), not much money/week however it is doable as my gf is currently the breadwinner.  I can communicate online and do my RE work during this time too, which is nice (Family company)

-We currently rent. I've $6,000 set aside (maybe more if I can convince my sister to invest in the following) I planned to possibly put towards investing in a duplex via FHA loan at some point- only problem is my DTI ratio isn't too good (low income and new car in my name- gf makes payments pretty much her car) so I'm not sure I can get pre approved-my credit is great though.

So that's kind of where I stand:  I need to establish cash flow/income so I can move forward for investing purposes.  My goal- as most people on here is financial freedom/wealth via multi families, etc.  I guess I just need that "push" in the right direction from where I stand.  Any suggestions and/or criticism are most welcome.  Thanks!

[Cassi Justiz]

I'm not a lender, so you will need to get with someone that is. But from what I know about my local lenders is that you still need a steady income and employment to qualify for an FHA loan. They will verify this up to and possibly on the day of closing. So.. If I were you, I would try to get another job hopefully making more money and stabilize there for a few months before you try to even qualify for an FHA loan. Live as cheaply as you can for the next few months or year, pay as much down on the new car as you can and save the rest. It doesn't matter who drives the car, it's in your name and it is depreciating in value every day you own it. If you only make minimum payments on it, it won't be long before you owe more than it's worth.

Once you've saved up enough for a down payment, closing costs, AND 6 months worth of mortgage and utility payments in case you can't rent out the other side immediately, THEN start trying to qualify for a loan. Hopefully by then you will have a good savings account and your car loan will be a lot smaller. 

The biggerpockets money podcast has a lot of great advice. You don't want to start investing until you have a solid financial ground to stand on.