Getting Started the Right Way

[Matthew Cataldo]

Hello everyone,

My name is Matt, I am 23 years old and live in Massachusetts. I have saved up $15,000 to purchase my first investment property which i hope to be a MultiFamily ranging from 2-4 units. I have been doing my research on possible solutions to finance my investment, but i am having trouble deciding on which one is the right fit for me. I have looked into FHA Loans, HomePath Loans, Self Direct IRA loans, etc. I know i don't want to go down the road of using hard money lenders mainly due to there high interest rates. Ideally I would like to find an investor, but at such a young age and with little experience its tough to get someone to loan you the capital necessary to buy a property. My gut tells me to go with the FHA loan because of its low down payment of only 3.5% but iv also heard nightmares mainly because of the mortgage insurance that is required. With HomePath loans its usually around a 10% down payment but the on the flip side you are not required to have any mortgage insurance. If someone could lend a little insight on what they would do based off past experiences if you were in my position it would be very helpful.

THANKS!