All Forum Posts by: Michael Doherty

I am in the process of acquiring my first rental property, looking for a multi-family home (2-3 units). I talked with my loan officer and she could only approve me for a loan based off my salary even though my total compensation is double that. She said that if I could provide 2 years of commission statements she could provide a loan based off that (I currently only have 1 year). Because of this I was only approved for 150k for a 2 family and 250k for a 3 family (FHA loan 3.5% down).

My question is, being that this is not a lot of money to work with, what would people suggest both for financing and first home purchase? Would you recommend a different type of financing method or scratch the multi-family home idea altogether and look for more of a single family home to flip and waiting for another year to purchase a multi-family.? Thanks!

@Stephen P

@Stephen Parlos

Great to see another W Hartford investor.  I am recently new to investing as well and looking to purchase my first multi-home in the area. Let me know if you have any questions.

Hi everyone,

I am a recent grad and have a passion for real estate and the housing industry. During the day I work for an investment firm and at night attempt learn as much about investing in real estate as possible. I have only scratched the surface in my research and am open to any suggestions or success stories. I look forward to meeting new people and creating new opportunites.