Advice needed for 1st investment

[Mario Cruz]

Hi, my name is Mario and I am brand new to real estate investing. We are a family of 4 and looking for our first investment opportunity and seeking advice from the BP family. Our plan is to purchase a multi-family home, live in one unit and rent out the other. We have roughly 100K available and plan to purchase with an FHA loan. In your experience, does this seem like a reasonable plan or would purchasing a single-family home to live in for 1 year, then renting out be a better option? Any advice would be appreciated!

[Steven Foster Wilson]

Quote from @Mario Cruz:

Hi, my name is Mario and I am brand new to real estate investing. We are a family of 4 and looking for our first investment opportunity and seeking advice from the BP family. Our plan is to purchase a multi-family home, live in one unit and rent out the other. We have roughly 100K available and plan to purchase with an FHA loan. In your experience, does this seem like a reasonable plan or would purchasing a single-family home to live in for 1 year, then renting out be a better option? Any advice would be appreciated!

I think the going with the FHA loan and a multi family is a great plan. That is what my wife and I did here in Columbus,Ohio. My first BRRRRR was $300k with a FHA loan, put $50k into it, refinanced, and got $90k back. I just refinanced again and got another $50k and it still cash flows $1800/month. I would call around to a lot of lenders and see what other loans they can offer. On our most recent BRRRR we got a CHAMP loan and it was incredible.