Advice on buying a multifamily with an FHA loan?
I am currently renting a house (from my parents!) and I'm looking to buy a house of my own and get started with real estate investing at the same time. I asked another REI from my area and he recommended buying a 4-plex with an FHA own and living in it because I can get a good investment property with a smaller down payment.
I know that house hacking comes highly recommended from Brandon and Josh and I've heard it multiple times on the podcasts, so I'm leaning that direction. Does anyone have any recommendations or lessons learned to share with me before I get started on my search? I am going to meet with a loan officer soon to find out my my price range will be with an FHA loan.
The other thing I'm not sure of is which type of multifamily to look for. Should I look for a duplex, tri, quad, or any of the three depending on the numbers? Initially I was thinking a 4-plex might be the best option because cashflow wise they seem to be a better investment and you don't take as much of a hit when it comes to vacancies, but this is the first investment property, or any property for that matter, that I am looking to buy.