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Updated almost 9 years ago on . Most recent reply
First Deal FHA loan
Hi all, this will be my first post but this is not the first time i've been here. I've browsed these forums for a while and have been listening to the podcast for a while too.
I'm a fresh college graduate and have been working my first "real job" for a month as an engineer. I want to do some investing and here's my plan, please let me know what you guys think (and how much of an idiot I may seem like).
I plan on doing all this working directly with my father who has his own company where his projects are mainly Flips, Buy and Holds, New Construction and Remodeling work for residential and commercial properties.
I want to obtain an FHA Loan (I'm 21, have 70k salary, never owned a home/gotten a home loan) to build a duplex or triplex here in Texas. My father think's that we can do it because he has a good system already in place. I would just need the loan. Is it feasible?
Basically I want to build it, live in one unit (house hacking), then eventually move out of the unit and continue renting all units and possibly sell it if the price is right and continue with similar strategies.
This is just a general outline/plan. Am I too naive? Can I get the loan? I like my job but I don't like working for other people.. :)