Hello All,

I am looking at getting into my first real estate deal. I am age 22 and have been self-employed (started an insurance agency) for the last almost 3 years. I will be getting married July 2013.

I am looking at getting into real estate investing with a long term goal of having many multi-family apartment buildings / units. I want to start off with a 2-4 unit property (owner occupied).

I am very eager to get into my first deal and am currently thinking about financing. Of course I need to make sure the numbers work with the property, but I am interested to make sure I can attain the financing that I want/need.

I am wanting to probably go FHA financing for my first deal (owner-occupied multi-family for the first year I believe?). I have looked at a few properties and I was recommended by the real estate brokerage to get pre-qualified for the loan to see how much I can get in financing first so I will be able to look at the loans in my price-range.

Does this sound like good advice? With the first 4 real estate agents I have talked to so far, 3 of them seem like morons. I feel that I know more about multi-family RE after only a few weeks of casual research than any of them combined.

I have only about $5,000 that I can work with currently, so I am trying to use this as my down payment (FHA 3.5% down). I would like to get into a 4 unit if possible, but even a 3 unit would be fine. I would do a duplex but I prefer 3-4 units.

I don't have a ton of money for my 2010 or 2011 adjusted gross income (personal) as I have dumped most of my money back into my business for growth, although ever since I started I have always been positive income.

I am sorry for the long post, but I am just looking for answers and trying to see the best way to finance my first deal. I am not sure "how much" I can get with only $5,000. I would also try to have the seller pay the closing costs (roll that into the sale price) so I don't need to come up with all the cash at once.

Please give me advice on the FHA financing and my first deal in general. I hope it's not too difficult to get FHA financing with being self-employed for the last 2.7 years and not showing a whole lot for my personal adjusted gross income.

Thanks in advance for the help!
Craig