I’m feeling pretty stuck and I don’t know what to do..
So long story short, my wife and I want to get into real estate as investors. Last October we decided to get into this so we’ve spent the last year reading, listening to podcasts, networking and have been putting in offers. All of our offers were declined but in hindsight sight, I’m glad they were. We live in Charlotte, NC and the market is insane here. Houses are live for 1 day and sold cash way over asking, how can we compete?
We don’t have enough to put down 20-25% so we will suffer PMI. We are currently renting an expensive(ish) apartment at $1250 and our lease ends in Janaurary 2022.
Our goal is to atleast move out of our apartment and move into a house thatll allow us to rent out in the future. This is tough because if we were to put down 3-5% we will have to pay PMI and our margins will be very tight depending on area/rent. The houses in our price range under $200K are either complete shit holes or decent but are in terrible neighborhoods. If I was single then that wouldn’t be an issue but I want my family to feel safe plus I don’t want to buy the best house in the worst neighborhood.
I start a new job tomorrow which will increase my income but it’ll be a while before I start to see much. I’ll be a solution engineer which we get commission and bonuses on top of our base but I won’t get anything for 3 months.
Maybe I’m looking at it wrong or I’m being too picky but any input is much appreciated!
I want this to be an open discussion, please if you have anything beneficial I’m sure there are other people who are in a similar situation as myself.