Finding my first property

[Mark Albano]

Hey everyone,

I am new to Bigger Pockets and this is my first post. I have an endless list of questions but I'll start with my most nagging. Let me first explain my current status. I am currently renting and I plan to buy my first home before my lease is up in June 2015. I am going with the, buy and live in first investment property, route to avoid the 20% down that comes with an investment property. I will stay there for about a year or so then make it a rental property. So my questions are, how do I know the price is right? And does this sound like a good plan in the first place?? Thanks in advance!

[Aaron Montague]

@Mark Albano 

Welcome to BP!!

Here are several different ways into housing for less than 20% down.  I recommend researching them and buying a 2-4 unit property that allows you to live as close to free as possible.

Here is a link to my blog about new MFH (2-4 places) investing:

Link

Bring everything back here to BP for evaluation.  We LOVE to evaluate deals and look for possible pitfalls.  Expect tons of great questions.  BP will make your investment properties easier to find, purchase and maintain.

0% Down:
NACA (https://www.naca.com)
VA Loan (http://benefits.va.gov/HOMELOANS/index.asp)
Rural Development Loans (Renovations MAY be included)
(http://www.rurdev.usda.gov/HSF-About_Guaranteed_Loans.html)

3.5% Down
FHA (http://portal.hud.gov/hudportal/HUD/topics/buying_a_home)

3.5% AND Renovations
FHA 203k loan (http://portal.hud.gov/hudportal/HUD/program_offices/housing/sfh/203k)

5% Down
Homepath Owner Occupied

Not as cheap, but come with renovation options attached to the loan:
10% Down
Homepath Investment (SFH only)

20% Down
Homepath Investment (Duplex only)

25% Down
Homepath Investment (3-4 Unit Buildings)

Auxiliary:

http://203kcontractors.com/