Hi

I just thought I ask because I'm looking at options. I have been reading the books and listening to the podcasts on Bigger Pockets. I know I have not learned enough yet to start investing. I'm actually thinking of becoming a real estate appraiser. Due to our situation where I was out of work for a few months due to a work injury: should I get a multi family home? If yes, how do I get financing? I figured since I'm looking for a place to live for my family I figured instead of going back to renting way not go with a multi family home. I live in Clinton Iowa so there is opportunities but that is because the population is decreasing. At least renting shouldn't be a problem but flipping would be. I'm looking at options. I'm trying to ensure we don't lose our place due to an injury again. I was hoping to invest next year with Fundrise. It looks like I might have to invest sooner but it depends what I'm advised.

Hey Phil! 

@Tim Swierczek might be able to answer how you could get financing if your work history is a little off.

Living in a duplex/triplex/quadplex could be a great way for you to househack and save some $$ up! If you can qualify for financing, you'll best benefit from an FHA loan of some sort would be my guess

Hello Phil! It really depends on what your lender wants regarding experience and how good the deal is. Most of my early lenders really did not care about my 30 years of experience in construction and being a licensed broker in Texas for about 30 years, they were mainly looking for a good deal and you needed possession of it and they would lend you 80% of the value and wanted you to have some sweat equity in the deal. That was from Banks, Private and Hard Money lenders. Nothing is easy. Get as much education as you can and network with everybody. Go to local Real Estate clubs and educational events in your area. Education needs to go on forever. I've read about 170 books in the past 5.5 years but there is so much to learn but at least it is pretty easy. Beware of what you see on the Internet. make sure your instructor knows with experience in what they are teaching. The Internet does not have any police enforcement and there are many crooks on there who get away with murder. The more units at each address is better. Vacancy of each unit does not hurt so much. If you don't know who will help you financially that may be first that you will need. Sending out targeted direct mail and advertising may be the way to go first. Be aware of what the laws are and do that accordingly. Know the demand in your area. Do not count on the future. Analyze everything. Make as many offers as you can. All properties have a number that works for you to have positive cash flow after the debt is paid. Good luck to you!

@Phil Beck If you’re working now with stable income meaning full-time hourly or salary position there are many loan options you will need to document your injury and out of work time but it should not strictly prevent you from being able to purchase unless it also took a toll on your credit in with you on eligible due to credit reasons. I’m not licensed in IA but feel free to PM me and I can help you with advice.