Newbie/Advice

[James C.]

Hello Team,

My name is James Cherry and I live in Wesley Chapel, Fl. I am new to real estate investing. My goals are single-family, multifamily, and eventually apartment buildings for long term holding and cash-flow in and around the Tampa Bay area.

I have a little background from 2005 where I worked with my real estate license with my cousin who was at the time was flipping/holding properties with a now closed real estate company, Tagert Realty. Here I would door knock on pre-forclosure properties for potential leads. This was not a very good experience for me due to lack of income and support overall; however, I have since went back to school and graduated with my RN degree and currently work in Tampa in the ICU. My income now will enable me to begin the process of real estate investing.

I have over the last month purchased many real estate investment books online including one on cash-flow and real estate math. My goal is to learn continuously and seek the advice of those who have the experience and knowledge.

I own a home in Wesley Chapel (FHA)l, my credit is mid to high 600, with no credit card debt. I do currently have around $50,000 in student loan debt. (Needed full support financially while getting my degree).

My question to the members of Biggerpockets is this:

Should I pay off the debt first over the next year (which is absolutely possible), thus lowering my DTI ratio and then find the proper financing for my first deal from there (better chances for financing)?

OR

Save that amount as a down payment and patiently and diligently search for the proper deal on a multifamily unit where I can possibly become an owner occupant, save some money by living in one of the units and pay down the student loans over the that next following year?

OR

Any other advice is welcomed.

I am very grateful to have such an amazing resource such as Biggerpockets.com and will continue to learn and grow from here.

James