Real estate investing on a $15,000 annual income

[Mack Bailey]

To preface: I am making this post for many reasons, one of them being that I want to have a landmark post to look back on in the future. The other reasons are to get out my plan and largely to receive support and criticism from those who have been in my place or who have general experience.

I have been preapproved for a 100,000 dollar loan. My goal was to purchase a 200k duplex in my area (A/B class property) but due to my low income this is not possible as I see it now. Co signing is not an option and partnering up is not seeming attractive at this time.

My current plan is to buy a single family 3/1in a local college town. I still plan on househacking at least for the first year potentially longer. Currently I have a 90% savings rate and what I consider a healthy amount saved to put towards emergencies.

I have confidence in my ability to make the finances work for me with this property. I am ever concerned with my future real estate portfolio growth due to the need for a traditional mortgage.

General thoughts or any advice would be greatly appreciated and well received

Thank you in advance

[Aaron K.]

I am surprised you qualified for a $100k loan with just $15k of income, with a 90% savings rate I'm assuming you are still living at home, before you rush off to buy a property make sure you have enough income for the other things in life like food and heat etc.