Purchase 1st Investment Property 2024

[Adoney Reid]

Hello BP Family ! I am looking to purchase my first Investment property Q2 of 2024.

A little about my self, I migrated in 2021 from Jamaica to beautiful San Diego. I live with my wife In downtown San Diego raising 3 kids while working as a property manager and security officer on the weekends. Its been a long journey getting myself situated and finding my grounding but I am finally able to lift my head above the water as I've managed to finally saved my downpayment. I am looking to purchase my first triplex/fourplex house hack. The purpose of this Investment would be to live rent free with my family while starting the process of building equity for my family. My chief aim is to actively engage in the markets acquiring at minimum 2-3 properties per year and build a robust portfolio. If anyone has any great advice or input I would greatly appreciate it and also look forward to building meaning connections on here.

Investment Criteria:

House-hack (live in one unit for 1 year / rent 2-3 other units

Close proximity to Jamaica and Florida with Warm weather and easy travel back home

Buy Into Equity / Cashflow

Downpayment: 13K

Purchase price: 150k - 300K

For this investment I would like to lean more towards cash flow (passive income).

Financial Profile:

Income: will be using 1 job as qualifying with 2 jobs requires 2 years history

Credit profile: Strong dynamic credit profile with 4 years history and a 720+ score as of today. ( will be 750+ in Feb)

DTI Ratio: 15%