I understand that living in the property for your first deal helps the bank give you a loan easier for your first deal, I was wondering if anybody has experience just, going straight into buying a multi family residential property right off that bat without living it and renting all the units out, the reason I ask this is that, I live in Austin TX and work full time there, the multifamily prices are pretty expensive, so I was wo dering about buying in Kyle or San Marco's, maybe get a cheaper multi family unit there and treat as a separate project. anybody got any pointers? thanks!
I'm a bit confused as to what you're looking for, specifically. Sure, you can purchase a property as an investment and not live in it. I'd speculate that that's more common than living in the property.
As far as pointers, on a 2 - 4 unit property you will need 25% down to qualify for conventional financing.
@Stephen Benson nothing wrong with it but you'll need 25% down instead of 3.5-5%