Investing in rental property while having an existing mortgage?

[Jose Galvan]

I'm looking into investing in my first rental property within the next year or so. Currently have about 15k saved. My DTI Ratio is about 30%. And I'm working on getting my Credit Score higher. Made some mistakes in the past and currently only around 620. But now have no major debt, student loans are in good standing. No car loan anymore. Only one credit card with very low balance and my current mortgage. I'm A little hesitant to jump in right now only because I don't know what to expect. Any Insight is greatly appreciated! Should I start the process now?! Or wait until I build a better financial foundation. Credit, DTI,Downpayment etc...

[Michael Ealy]

Originally posted by @Jose Galvan:

I'm looking into investing in my first rental property within the next year or so. Currently have about 15k saved. My DTI Ratio is about 30%. And I'm working on getting my Credit Score higher. Made some mistakes in the past and currently only around 620. But now have no major debt, student loans are in good standing. No car loan anymore. Only one credit card with very low balance and my current mortgage. I'm A little hesitant to jump in right now only because I don't know what to expect. Any Insight is greatly appreciated! Should I start the process now?! Or wait until I build a better financial foundation. Credit, DTI,Downpayment etc...

Jose,

You can do BOTH. You can continue to build your credit and cash reserves WHILE...doing deals. How? You can seek out other people to do deals with you. You can learn and work hard to find good deals and then partner up with people. Real estate investing is a team sport. You don't have to do everything on your own.