Not the best credit but have decent income

[Shawn Si]

Hi,

I used to have really great credit (high 700s, maybe even 800 at one point) but it screwed up because my business lost a ton of money around covid. I have paid/settled everything and have few credit cards and my fico is in the low to mid 600s.I have pretty decent income ($400K+) and am interested in starting off small. I would love some advice in what to do and how to get started? I do not have a ton of cash (long story) but can muster up around $50K cash if needed.

Thanks a lot

[Shawn Si]

Quote from @Jonathan Greene:

Your high income and credit should balance themselves out a little bit in a lender's eye and you would be hoping to refi out of these rates in 1-2 years if you can anyway. If you can house hack, like @Nicholas L. said, that is ideal because you will need the least amount down to do it and can get the enjoyment and landlord experience out of it. What market are you in and do you want to invest locally?

Thanks for the reply, both you and @Nicholas L.. 

I thought about buying a multi family (maybe 4 unit) and keeping one for myself and then renting out the other 3. Does that sound like a good strategy? How much (%) down payment would I need as a first time home buyer? Would the potential rental income count towards offsetting the mortgage?