Conventional or FHA

[Anjelica Smith]

Hi! So I've been approved for a FHA multi family loan (looking to buy in New Orleans) but I haven't been seeing much under 300k that would pass FHA inspections without getting structural/foundation work done.
My goal is to invest in real estate/acquire at least 2 properties within the next 2-3 years 

Is it smarter for me to just go conventional on a single family home and live there for a year and then move on to the next property?

[Mike Wood]

@Anjelica Smith  If you want multifamily, I would recommend continuing to search for multifamily.  I also disagree that there are no multifamily properties in New Orleans under $300k that don't need significant renovations.  My guess is that you're are just not looking in the right areas (Gentilly 70122, St. Claude 70117 for example), or you want too much of of house (there are alot of 2/1 duplexes in our area sub 300k). 

I also agree that if you can avoid it, don't use FHA financing. In our current real estate climate, if there is multiple offers, and FHA offer will not be likely considered seriously. Just too much risk that the FHA buyer will not close (due to required repairs, lack of cash, ect).