Updated over 8 years ago on . Most recent reply
Four plex for first deal
Hi everyone!
My name is Garrett and I am new to Biggerpockets and to Real Estate Investing!
I just graduated from college and am currently looking for a full time job. I am interested in buying a fourplex for my first deal.
What are the pros and cons of going for fourplex first rather than a SFR?
Do you recommend (or not) for going for a fourplex first and why.
If you have done a fourplex for your first deal, how was your experience with it?
Thanks! Looking forward to your responses!
Most Popular Reply
Are you house-hacking this 4 plex (live in 1 unit and renting the other 3)?
The conventional financing for 1-4 units is the same as SFR. Meaning, as a 1st time home buyer you could qualify for some very favorable terms & lower down payment. However, the bank will want to see pay stubs (going back 3-6 months?) - so landing that W2 job will be very helpful.
Sounds like it's time to get a job, save up, and search for that first property. Make sure you run the numbers, run them again, bounce the numbers off some of the great resources here at BPs, and then go buy the deal.
Congratulations on graduating!