Looking for advice!

[Crystal Gibson]

New investor with zero doors. 40K in the bank wondering what to do next. Approved for an FHA loan with 3.5% down up to 350k. Originally thought about house hacking. Ideally would love to own a property with three doors in the country. Limited by my children's school. Looking to purchase in St. James, Missouri what would you do in this situation?

There are limited doors in this catagory

There are more single-family homes than duplex or triplexes. This area is known for a parcel to have more than one home on it typically. And I must stay in this area.

[Lateefah Mathews]

@Crystal Gibson Because you have kids, I generally recommend looking for single-family homes with finished basements that have a private walkout and entry...preferably with a bedroom, bathroom, and a kitchenette (or at least room to add one). That way, you keep your privacy upstairs and you're not limited to just renting a room. That's specifically for areas where small multifamily property inventory is thin.

As for the homes with multiple dwellings/ADU's... FHA can be used to purchase a property with an ADU if it's legally considered part of a single-family home. But if it's two detached homes on one lot, it gets trickier. You need to confirm how it's classified by the county. Also, look for an IFA in your area. I'm sure they would be more than happy to assist.