Good day everyone.
New registered user but I have been a lurker for a while. I was hoping to get some possible pointers or guidance.
I bought my first house Sept 2015 and when I lived there I was renting out a room and doing well. I had to leave the state for a few months and left it in a care of a property management company I have not been happy with at all. I am still getting a little monthly income but will most likely end the year in the red. Bummer but I consider it a newbie mistake and will not be making it again.
I want to get a second property to start building my portfolio but where do I go/start in this kind of market? Should I go for condo's and smaller single family or wait it out some more? I was strongly considering doing an FHA loan for a 4 plex and build it new on land I was eyeing but that might be too large of a jump for me being in for only a year or so.
My main issue is going to be DTI ratio given I have student loans and one house already. No CC and small car payment. I have been paying into my 401K but being new to the job market (2 years) I do not have a huge amount saved up.
End goal is a larger multi-family unit. But I do not expect that for a long time.
