I want to buy a home and a car as an investment, is this a good idea?

Investing

The past 3 years have been rough for me financially, racked up credit debt and hard time finding steady employment. About a year ago I finally got a steady job and over the past year I've been able to fix financialcal situation, paid off all my credit card debt, build up a decent savings(around 10k). I've also gotten my credit score from mid 600s to mid 700s. I want to continue this momentum and become more financially secure by making money off my money instead of having it sit there in the bank losing value to inflation.

What I came up with was I wanted to buy newish car(currently drive 14 year old car) and start ubering for extra cash. I also want to buy cheapish 3+ bedroom condo (100-150k) and rent it out and use a property management company. I would build equity with the property and have the rent money pay the mortgage and than some.

Is this a good plan going forward? Would buying a car be worth the money I make off uber, will it also negatively impact my credit score too much and hurt my chances of buying a home? Any advice, recommendations would be greatly appreciated.

I currently pay around $450 for rent(roommates) around $400 for student loans, and around $200 a month on everything else(pretty stingy with money). I make around 40-45k year in a medical field job that should be secure for quite awhile.

Thanks in advance

Posted Apr 26, 2017, 5:39 PM UTC

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