Getting started in Real Estate

[Steve Blevins]

Hi, I am a 24 y/o from KY and have been thinking about getting into real estate. I work full time and have saved up almost 70,000 in a savings account that is not earning much interest and I think I should put that money to work somehow. I also have about 80,000 in 401k funds. I own an 11 acre lot that I was planning on building a house on in the next year or so, but just the other day I saw a 4 plex for sale. The asking price is 290,000 and it is an all brick building built in 2009, all units are 2bed 2 bath with appliances and washer and dryers. I don't want to put all my savings down on an investment, but I read somewhere that you can get an FHA loan on a 4 plex if you live in one unit for a year. There are 4 more 4 plex's for sale on the same street that are identical. Id like to talk to the owner and see if they would sell those to me over the next 4 years. Would it be possible to finance all of them with FHA, moving from one to the other every year? Also, does anyone have any other ideas or investments that I could use to make my money work for me? Thanks!