I don't know where to start!!!

[Clay Vaughn]

I am very nervous about this because usually I do not post anything and just read/listen to everything however I do not know the best place to begin.  My wife and I are wanting to get started in real estate as a means to get me out of my job so we I can be around the 9 month old more! My wife is currently going through her masters to be a Neonatal Nurse Practitioner while holding a full time job as well as being a mother (ya she is a total badass), and I teach Texas History and coach football and soccer.  We are located in Abilene, Texas.  Our first dip into real estate was about a year ago we purchased a foreclosure that was actually move in ready for $210k and it appraised at $250k.  We got very lucky.  We had saved up and were able to put 20% down and get the house quickly.  My question now his how to get started financing rentals.  We have saved up around $6k that we are willing to invest and can access around $35k through a heloc.  Should we look for something cheaper to use cash and go with a conventional loan or can/should we use a heloc for a down payment / money to fix up a house. OR should we call it null and wait until my wife gets out of college (Dec. 2019).   I just finished John Schaub's book "Building wealth one house at a time" and am now reading "Rich Dad Poor Dad" again since the last time I read it was 2 years ago.  Besides the podcast (which I listen to while mowing lawns for my lawn mowing business) is there any other education items you would suggest.  

If you made it through all of that and have some advice/suggestions then thank you so very much! 

Sincerely, 

Clay Vaughn

[Jim Cummings]

@Clay Vaughn. Patience is a virtue. Much easier said than done. Sounds like you have a lot on your plate. 

Actions: 

1. Continue to study and SAVE!

2. Is it possible to scale up your lawn care business? Can you hire a helper or two to handle the actual mowing while you work on increasing the number of clientele you're serving.

3. Work on finding some Major accounts (apartments, buildings, etc) that will provide a floor under your lawn care business.

4. Personally, I would forego trying to wade into an investment property until you get the wife through her professional training program, and established back in the workforce. Taking on underfunded investment properties can become very stressful financially and emotionally.

Remember - if you decide to wade in now "Cash Flow is king" meaning it needs to cash flow when you buy it don't bet on being able to significantly increase the rent to improve cash flow.

Good Luck!