Financing for first home purchase (multi-family)
Hi guys,
My name is Chris and I'm somewhat new to BP. I have recently made the decision to set up my retirement around REI and am looking to make my first home purchase. This first purchase is going to be my home as well and my research has shown me that a multifamily property fits exactly what I need right now, being relatively young (22), being able to save money is at a premium, I have a private bartending entertainment business of my own along with 2 other bartending jobs for extra cash to try and put towards this first purchase and would love to be able to set up a living situation where my monthly living expenses are paid for by my other renters so I can truly begin saving heavily for my first buy and hold investment purchase. However, multifamily properties are significantly more expensive in the area that I live in (Rehoboth Beach, DE) and my concern is centered around being able to put together a down payment on a property much more expensive than a normal run of the mill starter single family home. What advice/tips/etc. does anyone have for someone with somewhat limited resources, young age, and jobs that banks may look at as somewhat volatile financially who is looking to make a larger than average first home purchase?
Thank you in advance for any responses.
Chris