Hello everyone my name is Jay. I'd like to give you guys a little info about my situation and see what's the best route for me to get into investing. Right now I currently have a FHA Loan on a single family home that I've owned for about 9 years. The mortgage on that house is about 1k a month. I have a steady job making over 100k a year with OT. Now for the bad part, I have about 33k in debt (all cc and loans). My primary focus right now is paying that off, since September 2018, I got that amount down from 56k. Recently, I took a consolidation loan to get this paid off faster. My goal is to have it paid off in 1.5 years. At that point I'll be debt free minus a small payment for my truck and of course the mortgage. I don't really have a huge savings, currently about 2k bc everything else is going paying my debt. Also, my credit score is about a 720. Even when I hit a rough patch and started piling up debt, I made sure to keep my payments on time. I missed one in all my years and that was a small Macy's payment.
Let's say we flip the calendar forward a year and half and now I'm mostly debt free. What would be the best way to get into real estate investing? Do I really have to wait to be debt free or can I be semi debt free? Since I currently have a FHA loan am I eligible for another one? Could I rent out my current home and purchase a multi family unit to live in and rent the other units out? I'm a single male, so any options are a possibility. Including the idea I had of moving back with my parents and renting my current house out and starting over. Any ideas or suggestions are welcome. I'm aggressively paying my debt off and want to start moving on to planning the next stage of my journey. Thanks in advance!
