Plex Property as First Home

[Dustin Hahn]

Hello BP community!

I'm new here and new to real estate investing completely. My father has some long term experience in real estate but he slowed it down a lot after starting a real estate website business. But he still owns and operates StopForeclosure.com. He typically deals in single family homes though so I'm trying to learn the investment world for myself.

My goal is to own a plex property by the end of 2016 and occupy one of the units with paying roommates. I'm right in Fayetteville Arkansas college town and feel there is a lot of growth opportunity as well as steady flow of renters in this area.

I'm 26, have a steady job and have been employed consistantly for 10 years. With research I've decided that the FHA loan will be my best bet to reduce the down payment to a reasonable level. I have $7000 saved for this purpose as well.

There's so much information out there (some conflicting) that it makes it hard for me to truly know where to start. I've started learning the average rates in my area near the college. Typically I've seen an average of about $150,000 duplex properties around 10 years old with current $1500 rents.

I want to learn the ins and outs of multi-units because I'm interested in planning for a second property as soon as the dust settles from the first one.

I've seen many informative real estate single family investor blogs but just can't find a lot on plex properties. Should they be approached the same way? Should I be as worried about the cash flow if I'm occupying one side myself? 

I will be "paying rent" to myself monthly as if I was my own landlord in preparation for taxes, insurance, and maintenance. What is the best way to approach this knowing that I want to purchase another property later down the road. Should I dump more into the equity to refinance for a down payment on the next one? Or should I minimize the monthly payment for more cash flow?

If you have any questions for me I would be glad to answer. Remember I am a complete newbie at this so I could be completely off track! 

Thanks in advance!