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Updated almost 9 years ago,
New Member in Waukesha WI
Hello BP community!!
I am Shaun from the Waukesha Area of Wisconsin. I am completely new to real estate, and have been living in various apartments for the last couple of years with my wife. We have paid off our credit card debt and now feel we are in a position to start saving money for a down payment.
I got interested in real estate investing soon after I graduated college and was renting a duplex. After a while, I thought "why can't I be on the landlord side of this?" Due to life circumstances, it hasn't been realistic for me to start looking to buy anything. Now that we are somewhat settled, the possibility of purchasing a house is becoming much more realistic.
My short term goal will be to own multi family, two to four units, live in one of them, and rent out the rest. I've been reading various blog posts on BP and this strategy makes the most sense to me. For right now, I am currently in the absorb-information stage as I am new to all of this.
My immediate concern is this: although my wife and I don't have any debt like credit cards or car loans, we do have a significant amount of student loans (100,000). How does this factor in to getting a mortgage? Would this automatically disqualify me from borrowing anything? Should we try to pay it off completely before we look into buying a house? Does anyone else have experience with this?Any advice is appreciated!
I'm very happy to have found this website!I've learned alot already, and can't wait to learn more. Thanks for reading.
Shaun