First Investment Multi-unit with no $ and bad credit
Hi everyone,
I'm new to BP and this is my first post, so thank you to anyone who takes the time to read and help me out.
My situation:
Credit score in mid 500s.
No $ saved for down payment.
My last job assignment ended a few months back and I've been having trouble finding another job since I'm pregnant. So, I've been using my savings to survive (which was originally meant for starting my first investment). I'm 25, live in suburbs about 20 minutes from Los Angeles, and unemployed.
My goal:
I'd like to purchase a multi family Property in which I can live in for the first 2-3 years. I would be the landlord/ property manager living on site. At that point, ideally I would like to invest in a second multiunit but that's only an idea. I'd like to make at least 30k yearly profit/income to start. Not counting property taxes and all that.
Questions:
I've heard of FHA loans but not sure if I qualify or how they work. Any insight?
Even if I utilize seller financing, how do I pay for the down payment? Would I need a bank loan in addition to the FHA loan?
How will I find a property with a vacancy for me?
Is it best to do this on my own or go through a realtor at century 21 or remax for example? What would be the main differences?
My baby is due in 3 months and ideally I'd like to be moved into our new apartment bldg by then but realistically I'd like all this to happen within 1 year. I'm just afraid of making a wrong move that will ultimately affect my little one. My dream is to start establishing a passive income now and be set by the time I'm 30. Any and all advice is greatly appreciated!