Newbie
Hi biggerpockets, I'm new! long time fan of site and podcasts.
I have long wanted to become a multifamily owner and venture into real estate. After years of furthering my education and just beginning my professional career, I finally am at the right spot to begin seriously. Planning to owner occupy, I will be able to purchase more with less down for this first time around. Because of this, its tempting to 'go big' (to me anyway) and jump at a 4 plex, rather than a duplex. I am being picky about location and what it looks like because my wife and I will live there, so the numbers dont fit the 50/2 rules. My goal is equity building. Ive noticed the duplexes we like are around the low 2's with the 4plexs being high 3's. This is the Tacoma, Wa area.
So, I would really appreciate feedback: Your thoughts on first timer going duplex over four plex in terms of landlording, financial stability (savings/income) suggested to ensure safety net. Ideas of normal restrictions on mortgages with owner occ (can we move out after we have, say 20% principal paid or after a timeframe?)
About us, we are currently able to live with family for free. I have just begun working for a couple months and make about 10k+/month. Student loan payments for professional school are about 3,500/mo, pay our own health insurance and netflix are pretty much all our monthly costs. We aim to buy and hold and accumulate about 4 properties through standard mortgages.
Thanks!