Buying 1st investment property

[Avery Keese]

Hi all,

I am heavily considering purchasing a rental property. This property has just been renovated and rents for around $1000 a month. I have zero experience with real estate so this would be my first deal. I do however, wish to buy a primary residence home for myself in the next 7-8 months. My biggest concern is that doing this investment deal will affect my ability or cause complications in purchasing a new primary residence home for myself.

My plan is to either use money that is gifted or loaned for the down payment.

Estimated purchase of property is $100k, down payment $20k.

So when it's all said and done, the amount financed will be $80k and I might or might not have $20k in debt for the down payment.

Other than an auto loan and student loans, (both in good standing) I have over $50k in available credit limit and $0 in credit card debt. My score fluctuates between 770-805. My wife and I would be on the notes together and her credentials are the same except no student loan or auto loan with the same score as me.

So like I said before, my biggest concern is that buying this investment property will cause problems down the road when we try to buy a home for ourselves. I'm looking for advice on what to do in a situation like this and the factors to consider. I am considering using CoreVest for the investment deal because they are quick and don't care where the funds come from for the down payment or how long they have been in the bank account. I figure that our rate will probably be around 5.5-6.5% due to the lack of real estate experience, but I'm not for sure because I haven't done any prequalifications yet.

I will also take any advice on what lenders may work best for this kind of situation, especially if I'm planning on doing more real estate investing in the future. 

Thank you!