How soon can I Buy my first rental property

[Senad Salihovic]

Ok guy here is my situation

Debt 

home 74k   - Monthly $600

school 21k  - Monthly  $164

credit card 3k - will be paid off ,in next month in a half 

Trash, gas, electric, phone, internet  - 350 monthly

I bring home $500 a week, 

would I be able to get a loan for about 50,000 to buy a single family home and turn in into a rental? Hoe much will I have to put up in cash?

Any ideas or tips?

[Greg Baker]

Senad, I'm not sure of your family situation, but if I could rewind the clock 6 years I would have bought a duplex or triplex, lived in one unit and rented the others. There is very attractive financing for this and would have allowed me to save hundreds more per month towards future investments. I would have looked to move into a "new" duplex triplex every two years or so following the same pattern. Once we're truly settled work wise we could buy our first true real estate liability (primary residence!) with cash flow.

I mentioned family because a.) I'm not sure if my wife would have been up for this, and b.) we actually wanted to move for work within the last 3 years but could not because of how upside down we are on our home. Pros and cons there.

Good luck!