Hi BP! I'm new to real estate investing and trying to decide where to start and what I should focus on first.
Back story... I've been wanting to start investing in flips or rentals for a long time but we were stuck underwater in a very unique property on the outskirts of Boise. After a failed attempt of selling in 2015, I spent two years upgrading the property to a point to make it desirable. In that time I also got my income and credit score up high enough to qualify for a second mortgage so that we could move out before selling. Bought and moved into a second home in June 2017, and spent the rest of the summer/fall finishing up the old house and was able to sell it over the winter. Now I'm back down to one mortgage (at half the amount of the first) and I'd like to begin my investment journey.
I love the idea of flipping. Not a romantic notion of some HGTV show, but the reality of rehabbing and all the risks involved. I have always been passionate about "creating" and can see the possibilities in a property. And I feel I already learned many valuable lessons fixing up our old place. I'm also in the process of updating our current home which we got for a steal in a desirable neighborhood. I also love the idea of getting into rentals. My goal is to quit my day job so that I can home school my kids and spend more time with them.
Lastly, I have about $20k coming in the first of the year from a family cabin that we sold (which I also have experience AirBnB'ing)
The options I'm struggling with:
1. I still have lots of credit card debt from when I was self-employed. Do I concentrate on paying it down and increasing my credit score? (currently around 670)
2. Wait until I get the cash and then find a new place to buy and rent this one out? (It will cash flow $200+/mo) Sidenote: I'm married with a stay-at-home husband and 3 kids. They aren't so keen on playing the moving game.
3. Just jump in and buy something?
Thank you in advance for your opinion.
Heather
Eagle, Idaho
