How to buy first rental using OPM ?

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I want to buy a multi family unit using other people’s money and rent it out..

How do I get started??

I’ve never bought a house, I have 0 credit and am working on getting a credit card, and I don’t have a whole lot of money.

I’ve heard some things about private lending, first time home buyers loan, and a rehab or 203(k) loan.

I do know that for a first time home buyers loan, you have to be living in the house. But I also know there’s ways around that. Or I could house hack it as well..

My goal is to buy a multi family home using a first time home buyers loan, and a rehab loan. And use a private lender for any down payment or other costs. Then fill it with tenants and use their rent to pay off the loans.

How do I go about this? What’s my first step? Who can I talk to about this?? And what else do I need to know that I might be missing?

Thanks!!

@Jacob Schultz   Sounds like for purchasing and rehabbing a place you're going to live in, the 203(k) loan would be a good option.  First step is to work on your credit.  Get a secured credit card, or two, make on-time payments for a year and don't max it out.  That should hopefully get you to a score in the 660 - 700 range so you can qualify.

Good luck and welcome to BP!

- Tom