Seeking Advice for House Hacking my First Investment

[Aric Van Iterson]

Hello all,

I've been lurking on Biggerpockets for a few months now and I just want to say thank you to everyone who takes the time to help all of the newbies. Anyway, I'm six months away from the end of my current lease and I really don't want to go back to renting and losing all of that money. I have 3 roommates lined up to live with, and I'm starting to look into purchasing a 4 BR house and having them pay me rent. I'm not going to be able to put 20% down on a house this large, so I'm wondering if an FHA loan would be a good strategy for financing. I'd be able to put 10% down, but 20% isn't going to happen. I have a really good credit score and a stable income.

Also, I don't like the thought of buying a house unless I'm able to get it at great deal which has led me to looking at bank owned REOs.  Is this a good strategy for finding a good deal, or is it too risky for my first purchase?  If it's a good idea, should I start talking to local real estate agents now or should I contact the banks directly if I find a property I'm interested in?

I know I haven't thought of all the angles to this yet, but I'd just like to see if this is a solid strategy before I begin investing my time into it.  Once again, I appreciate any advice and help.