Wait for Multi Family home or buy a Single Family Home now for first property?

[Justin Swain]

Hello, I am interested in getting into real estate and I am looking for my first property to purchase. I am 23 and graduated from college last year and have a decent savings for using an FHA loan to get started and I am currently renting an apartment. In particular looking for multi family homes for the cash flow but I am having a hard time finding them within my budget and in a decent place to live in my area since I would have to occupy the property for at least a year. I am not really interested in room by room house hacking unless I find a house with a basement that I could rent out. I seem to find a lot more single family homes in my area that I believe could appreciate over time which also interests me. Would it be better to wait for an opportunity to get a multi family or should I go ahead and jump in and get a single family to live in for a year then look multi family properties after ?

[Daniel McDonald]

If MFs aren't available in areas you actually want to live I wouldn't force it. House hacking can be used on any property so I would start by narrowing down a few places you A. want to live and B. that will actually rent. If a certain type of property works better in those areas then so be it. It doesn't have to a MF.