Vehicle to use for first property

[Linzey Ledesma]

Hello BP Family,

I am planning on purchasing my 1st property this coming year. My initial plan was to invest in a multiunit (duplex,triplex) and house hack.

However, I started a new job in June and would be filing my second year of taxes in 2021. This job is salary based and I make descent money, however my tax returns will only depict the earnings from june-December (which would not be alot). My thought is I would not qualify for a large amount needed to buy a multiunit property in my area (or neighboring counties)

I live in California and the market is fairly high in price for Multiunits in a descent area that would allow me to house hack.

Should I wait another year to file a full year of my salary based income and be able to qualify for a larger loan to purchase a Multiunit? Or should I just start with purchasing a SFR, live in it and build equity to later refinance and then be able to get a multiunit.

I am renting right now, and I would much rather purchase a small SFR to live in and be able to have something in my name to later refinance or draw a HELOC later, than to just wait another year (renting) to be able to buy a cash-flowing property like a duplex/triplex.

Any thoughts or advice?