New to this and need guidance
I'm thinking about getting into real estate investing to supplement, and eventually replace income from my job. But right now, I'm starting from rock bottom. I do have a plan, though it's rather vague at the moment, and I'd like your opinions.
Right now, I'm going through a bankruptcy as a result of debts from my divorce. All consumer debts, no mortgages or anything. Once that's finished with, I estimate that if I live cheaply, I can put nearly $1000 a month into savings.
Since I'm currently living in a crappy apartment, I'd like my first purchase to be a duplex or triplex where I could live in one unit and rent out the other...but I suspect I wouldn't be able to get hard money for a rehab in that kind of situation.
So, my questions are these:
1. How much cash should I save up before I seriously start looking for deals?
2. Is there any financing means where I could do a rehab and still end up occupying the property?
3. Should I abandon the idea of owner occupancy/landlording entirely for the time being, and just try to get one or two flips under my belt first?
4. Will my bankruptcy be a serious hindrance to all of this?