Long time listener, first time poster!

[Tyler Galleher]

I'll keep this brief and to the point. I have this idea in my head that I will start building some wealth and becoming a real estate investor when the time is right. That time is when my credit is a 750 or higher, I have 50-80K in my savings account, and only when I have read every book and have become an expert at everything. 

Does this have to be the case? After listening to the podcast for a while they talk about what newbies should be doing to get started, and I feel like I might be already ahead of the game and want to know if I have to wait for all the things above to feel like I am making some progress. 

My situation/ goal - I live in Menifee CA, 92584. It is an up and coming city that is getting better and better every year. I want to buy 5 more SF rental properties in the area and hold them for 5-10 years to eventually cash out and invest in multi family properties. 

My question - I have a wife and 2 little boys 1 and 3 years old. I currently have a VA Loan for 418k on my 4 bed 3 bath home that was built 2 years ago. I want to get renters in here as soon as possible and acquire another property to get started. Should me and my wife go rent a house to live in so I have better buying power and can use that down payment money to get a few more properties? Or should we buy another house for us and use it as a live in fix and flip for a year or two while we work on getting some more properties through other avenues? We are making pretty good money and can probably save 40-75k by end of next year depending on what we plan to do with the money.

I have my own home inspection business, I am motivated and eager to learn, and willing to exchange my time or services for some knowledge and guidance if any local investors in my area want to meet up and talk some more. Thanks guys! I am looking forward to a long standing relationship with Bigger Pockets! 

Tyler Galleher

[Tyler Galleher]

This is awesome guys! I didn't really think I would get any replies once I noticed another thousand 1st time posters say pretty much the same thing LOL.

@Alan Feldman That is great stuff thank you. I am a beleiver in that as well. I have already signed up for a local "meet up" tomorrow with some investors in my area. I am going to make some educated moves and learn along the way. It is just this first move that I am unsure about. 

Like @Nicholas L. said, I can probably find a way to get approved for another loan with a down payment but I am then going to have 700-900k in debt on my two properties.  That doesn't seem very helpful when I want to then go find ways to buy a couple more deals. I know I am in an expensive market, but i believe there has to be a way. I might have to start out slower but I really think we can afford to make some good moves in this growing city of mine over the next 5 years. Do I believe my 4/3 works as a rental? Yes I do. There are 3 neighbors in my neighborhood that are renting for 2700-2900 a month and my mortgage is 2550 every month.

@Andrew Syrios Thank you sir! @Parker Massengill Thanks for the tip. The home inspections is why I want to get into this in the first place, because I see that advantage I have as well and i am on the inside of my market everyday. I am also really close to getting my real estate license as well, just have the state exam left to schedule. I will be able to look for and inspect my own properties at that point! 

I really appreciate the responses and the advice guys. Look forward to using this resource going further.