I am a newbie to Bigger Pockets and real estate investing as a whole. I have a goal of buying a duplex or triplex and living in one of the units. I have very little money to put down, so I was thinking of getting an FHA loan. What are the major drawbacks to an FHA? Also would I be able to get enough cash flow while living in my invest property to cover expenses, or does that vary from case to case?
Also I could have a true break even in this scenario I would see that as a good first investment, is that true?
Thank you all for taking the time to read this, I always appreciate everyone’s comments and posts!
You need a copy of the book of rental property investing. I just finished it. It gives in great detail the steps and best ways to go about buying something like this. Also calculations you can do to see if the property you find is a good deal. Fha is ok there only 2 catches are you must live in the property 12 months after purchase and you can't buy another property through fha until you have been a landlord for at least 2 years