Living in and renting a Multifamily
Wanted to get some tips on buying a multifamily as my first investment property.
I would like to live in half and rent out the other half.
What would be the better way to go about this?
FHA loan on a already fixed up property or finding a property that needs work, finding a lender and doing the rehab?
Would love to get some feedback on this, thanks
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James Wise
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James Wise#4 All Forums Contributor
#4 All Forums Contributor
- Real Estate Broker
- Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
Go FHA man. No reason to do a big ole' project. You go FHA and you're getting in with as little money as possible. 3.5% is nothing. That's how I got started 10+ years ago. FHA property for $85.5k that I lived in for 7 years. Was working as a RadioShack manager making $30k or so per year when I bought that sucker. Today I run a portfolio valued over $50 million and have 60+ employees.