Long Distance Real Estate Investing - First Timer
Hello All,
I am a first-time homebuyer looking to take advantage of an FHA loan for my first multi-family property. I've been educating myself through BiggerPockets podcasts, reading forum threads, and speaking with investors in my inner circle. I am in a financial place where I would like to obtain an FHA loan to buy a multi-unit property and use future rent as income. I'm excited to start the journey into real estate investing and grow my portfolio by building my dream team.
I currently have a salaried job and reside in Los Angeles, CA. I've only been employed with my current employer for 1 year and previously worked as a consultant for a year after the pandemic. I know that may hinder me from qualifying, but I'd love to connect with a lender to talk through my options as a first-time home buyer. I am ready to begin my pre-approval process. I'd also like to learn more about what you need to qualify for a NONQM loan, as my secondary option.
My Buybox: Dulplex - Class C, Class B. Near hospital (travel nurses suggested), College Towns
Ideal Markets: Columbus, OH - Licking County, OH - Cleaveland, OH - Detroit, MI
Any information on this process would be helpful and suggestions on good lenders & other markets to consider are appreciated! If you have done this yourself, your personal advice is welcomed.
P.S. - I'm slightly scared to take the leap, but I believe in myself and will put in the work myself to PM the property onsite.
P.S.S - I do plan to reside in the duplex for the first year and will relocate for the right deal.
Most Popular Reply
House hacking is a great strategy! I can connect you with some local lenders here in Columbus, OH.