How to get that 2nd property?

[Austin J.]

Just Closed on my first property, and I'm feeling like I made a mistake. Bought a duplex for $157,400. My mom will live in one half and I plan to occupy the other. I got a great deal in one sense- My mom supplied the down payment, and instead of charging the $900/mo it rented for, I would only charge her $600/mo with the understanding that I was 'paying her back' $300 every month toward the down payment she put up. However, my mortgage is $1285/mo and I have to carry flood insurance of $250/mo +utilities for a grand total of around $1900/mo. I did NOT buy a cashflowing property, even if I rented out my side. The next obvious step, to me, seems to be buying a solid cashflowing property that will offset this negative cash flow. The problem is that my debt to income ratio was just barely where it needed to be to buy this one. What are some ways to buy another property relatively quickly? Im hesitant about using hard money, but I suppose I would if the numbers worked. What are some practical creative financing strategies that I could possibly implement?

[Nathan Gesner]

I think you should stop thinking about how to buy the next home and focus on how to get your financial house in order. Invest from a position of strength. If you continue to invest from a shaky foundation, it's only a matter of time before it all comes crumbling down.