Best option to execute first multi-family rental purchase

[Zachary Taylor]

Hey guys, 

I was wondering if anyone out there had some tips on how I should go about beginning my investment career in multi-family. I’m looking to purchase a property with at least two units but willing to go for a triplex or fourplex if financials allow. I’m currently working full time but my career allows for a lot of time during the day to educate myself on real estate investing. Have about 15k saved currently but can roughly add 3 - 4k a month to that. Found a couple c-class 2 unit properties close to my area for around 180k. Both properties have tenants. Should I wait until I’m able to cover 20% down? Try to find something cheaper without tenants that I can put sweat equity in then rent out? Or go for a type of creative financing? Ultimately I’m trying to create a good plan to scale rapidly without much upfront capital in order to achieve more freedom with my family. 

Thank you! 

[Chris Davidson]

@Zachary Taylor if you are looking to occupy the SMF just go conventional you can still get lower %down with owner occupied terms, plus better rates. Plus with FHA you can never drop PMI. But like @Joaquin Camarasa study the market, reach out to local experts, and I'll add keep that savings going up, and you will be on track to wrap something up before we get to fall. If you aren't looking to occupy the SMF do the same with the above, and instead of before fall you will be around winter time on landing a deal. 

Creative Financing is great and can help you scale if you can get the deal flow, however if you are stashing away an extra 3-4k/ month traditional financing might be a quicker route for you. Also check with some lenders I just did a 10% investment loan with @Grant Schroeder from academy. By month end your are at 10% of the 180k. Also could use your 65k equity in the AirBnB and jump on something now while holding 15k in cash.

You are in a great position just need to nail down you plan and see what all you can do.