On the fence regarding a REI ..

[Josh Jensen]

I'm data driven, and would like to make the decision to purchase another property based on numbers (verses a 'gut feeling'). While I know it's a great time to purchase an investment property, I'm unsure if I'm in financial position to do it right now. Stats below: 

* I purchased my first home (my family lives in it currently) 2 months ago. We made a move from CA to UT recently. 

* My wife is out of work due to COVID. We have 3 small children under 8 years old. 

* We have less than $500 liquid assets. 80k in student loans, and 1k in CC debt

* I can possibly have 2 other investors purchase the property with me, but I"m concerned about the possible future legal complications that could entail. 

Should I move forward with the dream to purchase another property to (hopefully) secure our financial future? 

[Jonathan Greene]

I can't find one thing in your post that would indicate, in any way, that it is a good time to buy something else and with what? What are you adding to the pot with two investors if you have $500 liquid and a lot of debt and a family of three to take care of. This is the problem with the guru mentality and scaling and trying to build an REI business advice. Buying another property right now would not secure your financial future in any way, in a three-way partnership, with no money to put in. It would only put your entire family in jeopardy.