first home to be multifamily with FHA loan
hello all,
I just have a few beginner questions. My wife and I are currently 27 years of age and looking to buy our first home with an FHA loan. Our plan is to buy a multifamily with the FHA and live in one of the units. We currently are pre approved for an FHA loan. My questions are these
Is this a good plan?
Where should I start?
What do I need to start?
Any advice would be greatly appreciated thank you for your time.
Most Popular Reply
@Justin Priestly this is a great idea. I'm 29, and my wife and I did this exact plan at 26. We are moving into our third place this summer.
my general thoughts
-You can get a duplex, triplex, or quad. I would focus on a triplex or quad, since that will cover more of your costs. If want to live in a property that "looks like a home" you'll probably have to stick with a duplex or triplex.
-Find a real estate agent that works with first time home buyers. They will understand FHA. If they are experienced enough, they will have a lender or broker they'll refer you too.
-I'd look for a good buyer's agent, and a mortgage broker to work with (this has been my experience, and it has worked).
-Look at MLS, drive around the areas you want to live in. Also figure out what type of tenants you want - and what price you are willing to pay. This will determine which areas you should investigate. Living on the edge of an "A" area is a good strategy, you'll pay less of a premium and with the right marketing strategy you can get the same type of tenant profile.