Buying that first property

4 Replies

Any advice?

Would love to eventually get into multi family investing.

Planning to use my FHA to buy a 4plex.

Then from there do a brrrr on another property.

Obviously it’s better to buy that property with cash, but just starting out I don’t have access to that type of cash. I could try and do a hard loan, personal investments etc.

Any advice for people like me? Words of encouragement?

I know i won’t make much on the first i buy with fha, but that experience.

Of course! Starting with your FHA loan to snag a 4plex is a great idea!

To start, you find a few of your local lenders to see what you can get approved for.  That will help you narrow down your deal search because you'll be able to quickly figure out what numbers work for you and which numbers don't.

Then you'll be able to have a clearer idea of a starting price point when you begin chatting with wholesalers or real estate agents in your market.

A 4 plex would be a great idea and I like how you are thinking- experience over a ton of money at first :) Definitely find out what you can get approved for and then you can check the list of private and hard money lenders on Bigger Pockets to see what is available in your state.  Depending on the property you buy, the seller may do seller's assist where they assist with the purchase price and rehab costs.  Doesn't hurt to ask!  Good luck to you!!  I would love to hear what route you go and how things turn out!