Aquiring 1st property via FHA

[Silvestre M.]

Hello all, I've read and also heard on a few podcasts that some investors actually got started in the business by accident. Their primary residence appreciated and they cashed out via refi or by selling and used that capital to get their kick start in REI. Obviously the light bulb went on when they got that first chunk of money and said "hey wait a sec, this happened by accident what if I actually try to make money on a deal next time?" and then their education blossomed from there. Now on the flip side this could've easily turned sour if the market in their area went completely the other way, they possibly would've hated RE and never looked at it as a potential investment choice. My questions are definitely coming from a beginner, if you started today in my shoes (full time job, FHA loan 3.5% down).. what would be your initial calculated step in acquiring your first property with the next step in mind? In other words how best can you set yourself up for success without betting on appreciation? Am I limited to paying retail prices when using an fha loan? Can I market to get a property below market value when taking out a mortgage? Thanks BP!