Primary Residence or Investment Property

[Shawn Dulan]

What's up BP?

So I'm fairly new to BP but I've learned so much and appreciate the feedback that I have been given so far. This one hits close to home, no pun intended. I have never owned my own home. After working hard on my credit and making decent money at my job, I was recently approved for a home loan. It would not be my forever home, just something till the next one. However, I am really ready to become a real estate investor. I have analyzed several properties and looking to buy my first investment. I am not able to do both at the same time because, If I get investment, it couldn't be attached to my name, it would effect my pre-approval for a home loan. I have been looking for multi-families to house hack, unsuccessful so far. We need something move in ready for my family needs and lack of time to do a lot of work myself. Just trying to figure out which to tackle first.

I have conveyed to my wife that I would like to do investment property first to begin our cash flow, help her with her credit so we can get the move in ready house that she deserves and not one that we have to settle for. I know that owning my own home would give me a sense of pride and joy. The same could be said for my first investment property too. She supports me in whatever my decision is because I will do what is best for my family. 

I've thought about buying investment and putting in her name as to not effect my loan pre-approval. Or putting in a LLC for the same reason. I've been going back and forth with this for a while and it is time to make a decision. Thanks in advance for yall's advice and I look forward to reading and connecting with you.