Starting from Scratch

[Tasha Thomas]

Hello, I just joined this website after reading a really motivating article from this website's creator.

Let me give you a rundown of my current situation.

My boyfriend and I just bought our first place in June of this year. $110,000, had no clue what we were doing. We used the FHA loan... still no clue about anything. We would like to stay in our current house and buy our first investment property in 2014.

We pay 857$ a month including taxes and insurance. Insurance is cheap, taxes EXPENSIVE. I am an insurance agent so I am an expert on the insurance side of things, just not the investment side.

I am going to get a bonus at work at the beginning of 2014 probably around $4000. My boyfriend and I will be getting tax returns back probably (I am low-balling) around $7000 total. That gives us around $10,000 to start out with.

Unfortunately right now we are living paycheck to paycheck. My boyfriend is a (new) electrician. He just graduated school and is starting out with a company not making much to speak of. I have a pretty reliable income, but we make ends meet with not much extra.. as in I have a total of $250 in savings right now.

We are also parents to a 4 year old and pay $800+ in daycare a month.. so you know where the money goes.. lol

Advice??? Where do we start??? I am good friends with the guy who did our loan am also friendly with the real estate agent that helped us get our home.

I know investing the money we are coming into next year may not sound like the smartest idea when we are hardly making ends meet, but I am a risk-taker and am also slightly impatient. I want to do this soon and get started.

We are thinking more along the lines of buying a property to rent out to a tenant if we can find a good deal. What do you guys think? I would love to talk more about this.. teach me your ways!

Thanks ahead to anyone that is willing to help.