First Fourplex advice
Hello! I am new to this forum and fairly new to the business of real estate investing. The knowledge I have has come from helping my wife obtain her real estate agent licensing, as well as helping her sell her first few homes. Not much experience at all but it allowed me to see the potential of growth from real estate investing. I'm looking for advice on where to begin in this process.
As of right now I have about 70k equity in my single family home. I'm considering selling and using the equity as down payment for a fourplex so I can begin "house hacking". On a recent BP podcast. They spoke of being able to purchase land and build for $100/sq ft in my area. Is building to rent actually feasible? If so where is a good place for me to begin? I've started pricing fourplexes in my area so i have an idea of what is in my price range. As long as I can make the numbers work and come ahead with a positive cash flow after all expenses what else do I need to worry about? What should i be reading on? I was also interested in using 1031 on my house. Am i able to use the 1031 and still obtain an fha loan if I plan on living in the fourplex?