Financing advice for 1st investment property

[Brian Lybert]

New to BP, and looking to acquire my first investment property in the Hampton roads (Va) area. I am meeting with agents in the area to help me try to find a good first property to either flip, or hold and rent out. Not sure which one I want to start with. Anyways, the agents say the first and hardest part of the process is getting financing. I won't have the 20% to put down. Any advice on where to start looking or who to contact?

[Jerry Padilla]

@Brian Lybert

@Paul Washington

With little cash upfront an FHA mortgage is the best way to get started, by living in one of the units and renting out the others. You can purchase a house that is dated, but livable and make improvements with time or with the rental income. FHA will allow you to use rental income towards your DTI's where as many products don't allow you to with no rental or mortgage history. I am glad to answer any financing questions. One of the first steps is getting pre-qualified so you know what purchase price you can look up to.