How did you start in Owner Occupied Multi-Families?

[Richard Charity]

Hey everyone,

I have been a lurker on here for a few months and it's time I start asking the right questions. I'm 21 and in the middle of PA (physician assistant) school in MA. 

My dad wants to buy a multi-family property in New Hampshire where he lives (probably the Manchester area) in the next 12-18 months because he just resigned his lease at his current apartment. His goal is to live in one unit and rent the other 2 paying his mortgage and principal down for 2 years before refinancing and beginning to scale. We really don't know too much about mortgages and that's where were having our biggest problem. My dad is great with hands on projects and I recently went and got my Mass Real estate license about 6 months ago. 

My question to all of you!

1. What did YOU do to get started ?

2. What are any pitfalls you immediately see in his plan ? Is there something he is missing? 

3. and additional tips about mortgages, etc, would be super helpful

[Anne T.]

Hi Richard. If your dad isn't married to living in the Manchester area, he could look in the surrounding towns (for example, Goffstown, New Boston, or Weare) that qualify for a USDA Rural Development loan instead. That may be easier for him to get into since they are 100% financing. It depends on his income and credit rating, but if he qualifies for an FHA loan, he would likely qualify for a USDA Rural Development loan. The paperwork is a little cumbersome, but you can purchase multi-family units with it. I'm happy to answer any questions you may have about the process.