Was Investing In a Multi-family home(s) worth it to you

[Cody Jensen]

A lot of people close to me on my end are giving me an issue with buying a multifamily property, considering it is my first and housing costs a lot where i live and surrounding areas is somewhat a big investment, with that being said the people around me have been giving me trouble saying that "You know how much money that is, right?" "What if no one wants to live there" "I don't think you should live in the property (Regarding FHA)", "What will you do with the home if no one wants to live there?" Just talking about it, their tone of voice is negative from the start. It's very discouraging.

To help with my situation, I really would like to know how you started, and ways real estate investing has helped you and where it got you today. I'm really leaning towards a FHA loan but I'd prefer a 20% conventional but then there goes the funds.

Apologize for the confusion. Thank you guys.

[Karen O.]

Sounds like you have some doubters in your immediate circle.

A few questions to ask yourself - (full disclosure I'm asking myself similar questions this morning)

Would you want to live there if you had to live in that area?

Is the property already rented or does it have a recent rental history?

Did you run the #s for the property? And if so, are they what you'd expect?

Can you get the house at a good price?

Would the rents you'd charge be reasonable for the area?  

Is the unit located in a desirable area?

Can you afford to keep the house if you have vacancies for a few months while making it tenant ready?