New Investor from Pittsburgh, PA

[Jeremy Taggart]

Hi everyone, 

I am from Moon Township, PA about a half hour from Pittsburgh. I am finishing up my degree and will be graduating in the spring and I am looking to get started in investing after I graduate. 

I am planning to start working my full-time job while I'm still in school so hopefully I will have enough money for a down payment on a house by the time I graduate. I am looking to get a multi-family house with a FHA loan and rent the other unit/s out. If there are any agents in the area that work with investors or wholesalers that could help me find a good multi-family property it would be greatly appreciated! My backup option if I am unable to find a good deal on a multi-family would be to do a live-in flip on a single family house using the BRRR strategy.

My only concern about the live-in flip would be if would still be able to get the FHA loan since the house would be a fixer-upper. If anyone knows if this would work let me know!

I am very much looking forward to getting started!

[Jeremy Pace]

@Jeremy Taggart

Welcome to BP!

There are FHA loans that you can get for live in flips, but they are a pain ... even more painful than the usual.

You can look on realtor.com and see tons of multi-family buildings for sale. You can get an FHA loan for an up-to-four unit multi, if you live in it, which means you'll get a super low down-payment, which is great. You can also get other cool stuff like first time homebuyer credit annnnnnd my favorite part, they will add 80% (or something similar) of the rent for the units that you will rent out to your income for the purpose of calculating your DTI front and back end ratios.

The most important thing to remember is to buy it low! that way once you move out and rent all of the units, it will continue to be a good investment.

If you have any questions, you can always feel free to message me, I'm happy to help!