Multi-unit property investor
I would love to start diving into the wonder world of Rental property investing but I am mot too sure how to start my approach. I live in Colorado where its hard to start if you have little to no money, because of how expensive it is. I am currently paying very little to no rent and starting to save for my first property; I am wondering how I should approach my first property. I have thought of using FHA loan to get my start up, upside I can start with a 3.5% down, downside I have to live in the property for a year which cuts down revenue, and its only up to 4 units. I could use a conventional loan for a property with practically any units id like, but it would require a 25-30% Down. The property would also be more expensive which would require a larger down pmt, and It would take longer to get into this business. Any advise as to which direction I should take?
Should I do the FHA loan, start small, live in the property, just to get started ?
Or should I be patient and save for a bigger property with more units, even though id take a lot longer ?
Im thinking of long term investing. I just do not want to wait too long. But also do not want to rush into it and fail.