My little brother is pre approved for 140k FHA loan. He's looking for an investment. He makes decent money and travels for work a lot. He's not looking to stay in the corporate world forever so he's looking to buy as many properties now while financing is cheap and he can actually get it. I think he should buy a multifamily preferably triplex or four-plex if possible with a FHA. In a year buy a duplex or single family with conventional (unless he has the money for 15% down on a tri or four-plex). He has student loans which he should have paid off in 5yrs (he puts a lot towards them monthly). At this point he's not looking to be a full time investor, but understands how powerful some rental property can be.
Agree with my ideas? Have others?
I would agree with you. A 4-plex or 3-plex would be a good start. Since it is FHA he will have to live in one of the units. But it would still make for a great deal!
@Colin Smith Thanks. It'll be a primary for the first year so he will live in one of the units anyways. From our understanding he could rent our his unit for a day or week (not permanent) while he is out of town using airbnb, any opinions there?
I personally don't have any experience with airbnb so I would be the wrong person to ask about that. It certainly isn't a bad idea, however, I'm not sure that would be something I would want to do with my primary residence. I would think your primary residence may have high valued possessions in there that could easily be swiped. Plus there would be the headache of coming home from your busy trip to reclean your home after someone has been in there and prep it for the next one.
How do you qualify for an FHA loan if you don't mind me asking?
And airbnb is amazing!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!