Hello everyone - i have a question about the feasibility of a strategy I hope to employ in the coming months to make my first real estate investment:I currently gross ~150K annually, have a 750+ credit score and have saved ~$40k that I can use to purchase an investment property.

Give us the credit, Income profile for your tenants.

.#3 Read everything here at BP and read Robert Kiyosaki's book "Rich Dad Poor Dad" this week.#4 Your credit matters when you start dealing with lenders so be smart about building a good score while keeping your debt to income as low as you can.#5 Even if you don't agree with everything Dave Ramsey has to say about finances.

I'm wondering if anyone has any preferred sites they use for credit checks and background checks?

I would hold back in cash the rule of thumb percentages each month, but have a credit card or line of credit available for the unexpected. 

So Heather,If we work these numbers backwards, use $800 rents and  use conventional financing I'm currently getting through a credit union, which may not be what you get.

I went ahead and submitting info to get pre-qualified with him as well.My mindset was, I might as well talk to a number of lenders and get pre-qualified with a few of them at around the same time so all the credit pulls count as one.

I want them to try hard and finally report it to credit bureau.

If you search book recommendations on the site you'll find a ton (Rich Dad Poor Dad, Millionaire Real Estate Investor, etc...).

I have both mortgages on using my credit and my wife is on the deed only.