First investment with a 100k pre aproval loan fha and conventional

[Reyna V Ayala]

Hi i got pre approved for a 100k fha/conventional loan for a 2-4 unit. but can be 1 unit but the loan amount will be less. was wondering what i could do with that..  brrrr seems like its not an option since its recommended to pay cash. and not sure if a flip would work out unless its a live in flip... any recommendations or ideas ? 

[Paul De Luca]

Quote from @Reyna V Ayala:

Hi i got pre approved for a 100k fha/conventional loan for a 2-4 unit. but can be 1 unit but the loan amount will be less. was wondering what i could do with that..  brrrr seems like its not an option since its recommended to pay cash. and not sure if a flip would work out unless its a live in flip... any recommendations or ideas ? 

$100k for a 2-4 unit won't get you much in Chicagoland unless you're looking at properties in mostly D class areas which may also be pretty distressed. You can find SFHs for <$100k in the south suburbs that may be in okay condition but usually they are 2-3 bed/1 bath homes. You could use an FHA 203k loan to buy a fixer upper property, live there for a year, and rent it out.