Chattanooga First Time Buyer

[Coty Dowell]

Hi BP community,

I am looking to connect and get some guidance from the BP family here.  I'm a recent college graduate with minimal cash on hand for the moment.  I have a plan, but does anyone have any suggestions on executing my first deal differently?

My plan: I have been actively looking and visiting properties for sale in the Chattanooga, TN area. More specifically, I'm looking for a du-, tri-, or quad-plex. I was thinking of using an FHA loan with a THDA assistance program for the down payment. I will be staying in one unit while renting out the other unit(s). If possible, I will also be renting out the extra bedroom (if there is one) in the unit I will be occupying.

My questions: To learn the ways of land lording, does anyone suggest doing a du-, tri-, or quad-plex over the other? Should I stick with a SFH and house hack the extra bedrooms? Would you suggest the FHA route to financing, or would you go a different route for creative financing?

Any and all help is greatly appreciated!

Coty Dowell