Skip to content

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
Followed Discussions Followed Categories Followed People Followed Locations
New Member Introductions
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

User Stats

10
Posts
7
Votes
Stefan Daniels
  • OH
7
Votes |
10
Posts

New Member Purchasing First Property *Uncommon circumstances*!

Stefan Daniels
  • OH
Posted

Hello BiggerPockets community. First of all thanks to the BiggerPockets team for providing such high quality, interesting, and informative real estate investing information for everyone and creating a platform for people to connect. I have been listening to the podcasts, watching the webinars, reading the books, watching the YouTube channels, all to learn and prepare.

I am in a unique situation and would like to reach out to the community for advice and insights. I have been technically unemployed after university (3 years ago) because I'm an entrepreneur. I have a startup and that means I work without a salary and try to build the business. 

That means I can't qualify for an FHA loan for an owner live-in multi-family property (no pay stubs or W2). I have saved some money for a down payment (at least partial), but I would need support getting the loan. I would like some input on how to achieve this or overcome this barrier

I also do not have much of cash reserves. How much would be safe to have?

I would like to get a triplex or a quadplex to max cashflow, but I would get a duplex if its a good deal. I would have one residence occupied. However, I will not live there all of the time. That is something to consider when it comes to managing the property.

I would like to move forward with this sooner than later due to personal reasons, so any advice and insight on this would be greatly appreciated

Cheers! 

Loading replies...