Best way to purchase investment property?

Question

Hello, I'm interested in purchasing my first investment property. I'm curious on the matter of the options I have to purchase it. Should I use fha or other conventional loan? Also, how many times can use Fha to buy property.  I appreciate any inputs.

Leo Don · Answer

Hi Doug,

Well I'm looking for investment opportunity for hold and rent. Im debating on if I should live in it or strictly rent all units out. Also, the fha route, how many times can I use it to purchase investment properties. Please let me know if you are aware of other method to aquire investment properties. Thanks for your inputs.

Doug McLeod · Answer

@Leo Don - since you plan to live in the property, FHA can be a good option for a very low down payment, which will allow you to have more cash for another property sooner.  If you are a veteran, you could potentially also try a VA loan.  Otherwise, expect to put down 10-20%.

Leo Don · Answer

Hi Jacob,

I'm looking at multi family with atleast 3-4 units. My goals is invest in multiple property in the near future and that is why I'm looking for a solid way to build upon it.

Jacob Elbe · Answer

@Leo Don

Do you plan to live in the home?  It really depends on what type of property you're looking at.  If you buy a 2-4 unit home with owner occupant financing and live in one of the units, you have different options than a straight investment property where you will likely have to put 20-25% down.  Give us some more details on the options you're considering and I'm sure you will get some great help from the experts here in the forums.