Looking for help in buying a multifamily with positive cashflow
Objective: Use an FHA loan to buy a multi-family property somewhere around Jersey City Heights and finance the down-payment and closing costs with either a private loan or a gift which I intend on paying back.
Requirement:
- 10% + ROI off the bat, will settle for a little less.
- It is in Jersey City heights mainly because I have aging parents to take care of.
- Utilizes FHA financing am open to other financing options if it proves to be better than FHA. I am buying from a realtor but if there are any owners who are willing to sell then I am open to owner fiancing.
- Preferably a 3,4 family or mixed will settle for 2-family
- Improvements needed should be minimal. I am willing to do floors, lighting, painting, and door replacement
- Place should only have one vacancy
Action taken so far: I have been going to realtors looking for properties and I was told that the FHA loan covers so much so my price range has gone down to at max $620,000. I did want to go for 3-4 family properties but there aren't a lot of them so I am settling on 2-family but the thing is that I don't think there is a good ROI in 2-family houses in the heights. I am also in the midst of getting my FHA loan approved that way there are no questions about it.
What I want: I want to know if there are any more ways to generate leads that don't mind utilizing this financing. I will try banks and courthouses and I am open to foreclosed properties although that sounds like a whole new kettle of fish there and I'm sure most of them are vacant which isn't something I desire. I also want to know if there are anymore financing options because in an ideal situation I would get owner financing and it wouldn't be as much of a problem.
I just want my first official home purchase to be as painless as possible and I want it to jumpstart into me buying more properties.