Forced to buy a SFH over a MFH as first investment?

[Brandon Tran]

Hi,

I'm looking to buy my first property in Charlotte NC, the market here is so hot that a lot of multi-family properties are getting scooped up for way better offers than I can offer. A lot of MFH are going for 500k+ in my area plus most of them are not accepting FHA loans, they're wanting conventional 15-25%. Is buying my first property as a SFH going to slow down my time-line to financial freedom? I'm trying to go into Airbnb afterwards to build up hopeful cashflow in the future.

Currently working a 9-5 and hoping to quit that in possibly 2-3 years so I can spend time with my girlfriend and travel. Can anyone provide some advice or guidance because I feel like a lot of people have gone through this predicament and could tell me what they have learned.

Thanks,

Brandon
 

[Jacques Ikolo]

@Brandon Tran

Yes that's understandable. I work downtown so it will be a drive for me as well. But we would only have to do it for a year before you can move out and rent the entire place, then you can find something closer. By then hopefully you saved enough cash to buy another one, or have enough funds for 20-25% in Charlotte.