Hi Guys here's my story, I live in Miami and want to start my investment journey. I'm 22 and have been completely hesitant in taking my first steps into making this a reality. I'm looking for my fist deal to be a multiunit and house hack it. I have about 40k saved w/ Steady job. What should I do as my first move, I'm currently living with my parents but would like to have properties of my own. If you're in the Miami area I would definitely like to network and possibly meet a Mentor. I'm ready to take a leap. Any newbie tips and what are some obstacles would I face house hacking in South Flo?
Welcome to BP @Patrick Vassell! If you're looking to house hack, you're going to need some conventional financing...So maybe the first step should be to talk to some mortgage brokers at some banks to see what type of financing you might qualify for. That should give you an idea of what your criteria should be when looking for possible investment properties.
Best of luck! Let me know if there's anything I can do to help!
Lucas Machado thank you Lucas! I was wondering will I only be able to get a conventional loan? I was looking to get the FHA loan so I could put 3.5% down rather than the 20% would this be ideal? Or are there stipulations that would restrict me?
Welcome to Bigger Pockets. BP is full of resources. You will find resources here from blogs to pod casts and forums. You can also send messages to members. This is one of my favorite features of Bigger Pockets especially for asking specific questions.
Lucas Machado thank you Lucas! I was wondering will I only be able to get a conventional loan? I was looking to get the FHA loan so I could put 3.5% down rather than the 20% would this be ideal? Or are there stipulations that would restrict me?
Hi Patrick,
I'm in the same boat. You CAN purchase a multifamily building with an FHA loan, as long as it has between 2-4 units and you live there for ~1 year. 5+ would not qualify for an FHA loan.
@Patrick Vassell Welcome to BiggerPockets! Great starting at a young age. I would to chat if you have some time and find out more about what your looking to accomplish
@Patrick Vassell my apologies, instead of saying "conventional" I should have said "a loan through a bank" (ie as opposed to hard money - since your expectation is to have borrow the money for a longer period of time). As @Alexander Ball said, FHA is an option. Sorry for causing any confusion :)
But yeah, first step would be to talk to some mortgage brokers...