REI For Young Father

[Michael Thrower]

Im new to investing and credit in general, so finding a loan is going to be difficult for me.

I want to house hack to get started or at least get a multi-family going so i can increase my income and reduce my living expenses.

The wife is more concerned with immediate situations such as getting another car as we only have one. I work and she stays home with the baby, so two is definitely needed.

I think of REI as a kickoff into being able to afford things like a good and reliable car as well as a way to build up my credit and save/invest.

I'm 26 years old and make 14$ an hour at a factory job. I don't see too many people in a situation like mine, so if there are any tips to getting my foot in, all are welcome.

I understand private investors and creative financing are the route i will have to take, but that is a "well without water" currently.

[Mack Benson]

@Michael Thrower, I think Jim is right. At $14/hour your annual salary is a little under $30k/year to support a family of 3. I believe your first step should be to find a way to increase your net pay. Are there advancement opportunities where you work? Are there transferable skills you have that are applicable in another line of work or with another employer? Can you take an additional job? 

Many experts recommend saving 10% of your income in an "investment account." If that is something you are able to do now great! I would continue saving until you are able to afford to purchase your first rental. I don't know the area where you live so checked zillow and there are a number of inexpensive homes for sale right now, but again I don't know the area so I don't know what is a good area or what is bad or the rental demand.

Another thing you can do is find investors in your area and speak with them. Is there some skill you have that they can utilize? Even hustle is a skill many investors can use so don't sell yourself short. Take a look at what you know how to do, what you are willing to do and want to learn and go out and speak with people.