I'm here to learn

[Derek Harden]

Hello everyone,

I am a new real estate investor looking to jump into the real estate pool. My wife and I are in our mid 30's and are currently at Coast FI via index fund investments through retirement accounts. I am interested in utilizing long term rentals as a way to cover our required income needs so that we can live a true FI life. 

Issues that I am looking at right now are:

-We are both 1099 contractors so it seems that lending will be difficult to acquire 

-I only have availability to a down payment of $29,000 in my Roth IRA (contributions) as long as the numbers show an equal or a better return than what can be expected in the market

-We intend to build a home by 2025. Will having investment mortgages affect my availability to acquire a personal mortgage? 

The plan at this point is to preferably invest locally here in Michigan but if numbers show that investing remotely will produce better cash flow then I am not against doing so. 

I look forward to learning from the community!

Derek

[Derek Harden]

Well I'm glad to hear that we shouldn't have a difficult time qualifying just because we are 1099 contractors. 

@Kristen L Garner what are back statement loans? I've read about DSCR loans in Chad Carson's latest book and that certainly piqued my interest but I've got some research to do in order to fully understand them.

I appreciate the help! And @Ryan Muska I appreciate you offering your time, I'll keep that in mind as I enter this new world.

Derek