Advice for first time home buyers!

[Zachary Salerno]

Hello my name is Zach. My wife and I have a goal to one day own a home and open a sober living. We have no experience or knowledge of anything real estate related and our plans/goals are in their baby stages. We have never owned a home and will be first time buyers. We are eager to hear any tips/advice on learning the ins and outs of buying a property to then open a sober living home. I will mention I have been in recovery for the past 9 years and know how to manage the daily operations of a sober living. But licensing,zoning,insuring, owning and operating one are a different story.

This is what my initial plan is (This is all in theory) To enter a new buyer program to purchase our first home using both of our tax return dollars. I have heard of no money down options as well. Live in the home for a year whilst waiting to be approved for licensing to operate a sober living. At or around the year mark take out a loan on our new home and use the loan to buy a new property. Then using our first home as a sober living using rent to pay the first mortgage. Let me know if this is a sound investment and plan or if it is a delusion. All critiques or reality checks are welcome.

[Jim Wellington]

Quote from @Zachary Salerno:

Hello my name is Zach. My wife and I have a goal to one day own a home and open a sober living. We have no experience or knowledge of anything real estate related and our plans/goals are in their baby stages. We have never owned a home and will be first time buyers. We are eager to hear any tips/advice on learning the ins and outs of buying a property to then open a sober living home. I will mention I have been in recovery for the past 9 years and know how to manage the daily operations of a sober living. But licensing,zoning,insuring, owning and operating one are a different story.

This is what my initial plan is (This is all in theory) To enter a new buyer program to purchase our first home using both of our tax return dollars. I have heard of no money down options as well. Live in the home for a year whilst waiting to be approved for licensing to operate a sober living. At or around the year mark take out a loan on our new home and use the loan to buy a new property. Then using our first home as a sober living using rent to pay the first mortgage. Let me know if this is a sound investment and plan or if it is a delusion. All critiques or reality checks are welcome.

Are advantage of new fha requirements that allow you to purchase 4 unit multi families for as little as 5% down. Live in 1, rent out the other 3. When you get ready to transition to the sober living you now have 4 rental properties.