North Tonawanda, NY · Member since 2016 · 16 posts · 1 vote
I'm 21 and out of college with a full time job and saving for a down payment with help of a grant from my bank. In ten months the bank will match up to 7,500 dollars that I save which I plan to use for a down payment. I would like to live in a duplex and house hack then rent it out when I move to my own home. The dilemma is I have been looking for over a year now at what is out there and there aren't many small multi-families for sale in my area. Especially ones worth buying. I ask should I try doing single family rentals. Buy a house, fix it up, then rent it out or should I keep looking for multifamiles. I'm not in the hunt for get rich quick but to build wealth for my family when I'm older. My future self. I would love to get my rental portfolio started anyone way possible. Thanks for the help
Washington, DC · Member since 2013 · 35 posts · 18 votes
9y
Hi Josh,
Save your current loan option and go to naca.com and sign up for their workshop in your area. I won't say much, because you have to explore for yourself but basically they partnered up with citi bank and BOA and your can get sweet terms with them like no money down and interest rate below government's. You can buy up to 4 units thru this program and owner occupy one and rent others.
I believe its an amazing way to start and acquire your 1st investment property/ multi unit. They will also provide you with a contact of a realtor that is trained to work with their program and u will have help finding those opportunities.
But even if there aren't many multi units on the market, you can still put your wholesaler hat on and go order a list of multi units owners and mail to them asking if they would consider a sale.
Try finding off-market properties! And take time doing that, allow 6 month and a few consistent touches.
Naca will also fund rehab if it's a fixer upper. But the program is NOT for investors and only qualifies for a personal residence. So make sure to learn about it before you acquire another home.
Good luck and congratulations on taking action so early in your life!