A Young Musician Looking to Take His First Steps in Real Estate

5 Replies

Hello, everyone on Bigger Pockets! I'm completely new to the real estate scene, looking from the outside and trying to figure out how to get started with limited to no funds. I do have time on my hands and an eagerness to learn and apply myself as much as possible. Any advice for helping me take my very first steps would be immensely appreciated.                      

I can honestly say if I could go back, my first real estate investment would have been to purchase a multi-family home and I would have rented out one side and lived in the other. The renter would be paying most or all of my mortgage and I would have gotten an FHA loan only having to put down 3.5%.

I am a single family homeowner now looking to purchase a multi-family. So many options, but I have no idea where I should start. HELOC vs Home equity loan vs. conventional loan!!! I'm saying all that to say multi-family is a good way to start.

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Look up the FHA Loan. If you are planning to occupy one side of the duplex, you can get a loan only having to put down 3.5%, but they are a lot of down payment programs that can help you with that. You only need a credit score of at least 580. Check it out.

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