Hello! I am new to Bigger Pockets and real estate investing!

[Renee Gregory]

Hi there.

I am new to bigger pockets and real estate investing. I am looking to start investing in a few different ways. 

First, I am looking to purchase a property and live in it. At the very least, I am looking to stop throwing my rent money away and try turning it into equity (down the road). I am also interested figuring out how to get tenants/roommates to pay for the mortgage on the property so that I negate my rent  expenditures completely. 

Second, I am looking to slowly over the course of at least two years (at the very least) rehab the place so that eventually when I do sell it, I will get the most out of the property that I can.

Some of my challenges/opportunities are as such:

I am willing to move anywhere for a good property investment. Some of the areas I am most interested in are: New Orleans, Nashville, Albuquerque, Santa Fe, Austin, Sacramento, Houston, Savannah, San Antonio and Atlanta. I have chosen these areas because these are growing cities, with lots of young people moving in and most of them have plenty of access to nature and hiking and biking opportunities.

I have a fair credit score but my debt to income ratio is very poor. I am trained as a lawyer and have thousands of dollars worth of student debt. I work in the public sector generally and don't make enough to counteract the federal debt to income percentage.

I have not been able to save any money for a down payment due to trying to pay down my student loan.

I have recently inherited a small amount of money enough for a down payment on a property (hopefully). 

I have read a few books, like 'How to Invest with No Money Down', and 'Property Investing for Dummies', but I am curious if anyone has any general advice in the current property market.

Mostly, I just want to meet some people who are doing the same thing and/or have done the same thing so that as I move forward in this process, I will have a support/resource community. 

Thanks!

Renee

[Trey Watson]

From my experience I've never seen anyone flip a property using hard money financing from an actual company (private lenders don't count) and be out of pocket less than 40,000 over the course of the entire project. I'm in Houston so I can only speak for the Houston market.

As far as your credit and debt to income, credit will probably matter more. I think most companies have programs for people with decent credit and cash reserves but terrible dti.

If you have less than that, I would either consider saving more money, finding a partner who will go half or you could attempt to wholesale and save money until you have enough to flip. But that's a whole different topic.