Realistic expectation of financing as single income with kids

[Tyler Jorgensen]

Current situation: Family of 4, single income, military 45k salary. I have little extra to put toward a house after putting away from savings and daily life. Bought first home in the last 2 years so not a lot of equity.

I want to figure out some creative ways to get another property in the next 2 years without reducing my overall income from monthly costs. The first plan I've thought of was getting a HELOC and spending the right amount of time and effort to find a duplex that will cash flow the monthly repayment of the HELOC. The second plan would be to partner with someone locally (or in El Paso) that can help mentor and split the responsibility and cost to help me get started.

Please let me know if these plans would meet my goals. I want to know if they are not good plans also because REI is not something that shouldn't be done without research and opinions from people that have found success. Is this realistic or should I wait until my job pays me more for savings (not realistic because military) or for my equity to build?

[Scott Wolf]

@Tyler Jorgensen, if you find a cash-flowing property, a DSCR loan is an option. You'll pay a higher rate, and will need a down payment, but if the property makes sense, it can still work.