Need help with first investment and strategy

[Victor Whittaker]

Hello all, I've loved reading all of the valuable information here and have decided to post something of my own since every situation seems to be different.

I'm currently a WA resident that bought a short sale 3 years ago with a decent amount of equity in it now. We plan on moving to Florida in a few months to start a new life. I've conviced my wife to buy rental properties with our $60K that we will have to invest with, instead of wraping that money into another personal residence.

My short term goal and plan is to buy a tri-plex or better with as little down as possible (~150K), from there buy another tri-plex or better for likely 30% down (~115K loan value) all the while living in a rental in either one of the units I have bought or elsewhere. After we have bought the two complexes I would like to buy our forever'ísh home. These are long term invesments...

My concern with this plan is my debt to income ratio preventing me to buy my forever home. I don't want to back myself into a corner where I have a portfolio of rentals and can't even purchase my own home. Though I feel we will more than be able to afford the mortgages and any issues that may come from having the rentals, the bank may not feel the same way.

I plan to have a job in the $50-60K range and the rental properties should have a gross income approx 50,000 (fully occupied).

If it's important, I'm very familiar with property management and maintenance, so this is not a concern on my end. It's the investment and tax side that has me a little concerned.

Thanks