New and need a little guidance.

[David Hart]

Hello, BP. My name is David and this is my first post and I would really like to network, and gain more insight. I'm in the southern part of New Jersey and I am looking for my first multi-family rental property. I want to house-hack and look to get an FHA loan, but I'm concerned that I can't find a unit big enough for my family alone. I have a family of 7. I am fairly new to this, but I understand the concepts. I am battling within myself, because even though I feel I understand the concepts, I have no clue where to start. I'm not sure whether I should work on my credit first or what. I know at some point all the analyzing in the world can't help me for the real thing I just need advice on where to actually start.

Also, it's been l intimidating in the beginning as I'm sure everyone can understand. I've been watching shows and listening to podcast and I'm wondering how much would it be to rehab a place that is in need of serious work. From what I'm reading and listening to, banks don't really loan fixer uppers. I'm going to stop there and because I could keep going with my questioning. So the only thing I really want advice on right now, which I know is difficult to advise on not my knowing all of my circumstances, but I just need a guideline on where to start. Better yet, can you share your start up stories please. I would greatly appreciate it. 

I'm like, scatter brain right now.

[Elenis Camargo]

@David Hart It’s always nerve wracking till you do your first deal. If you’re wanting to do a live in flip, have you looked into 203k loans? Depending whether you own a home not or not, you could put a very low down payment for a duplex or triplex and the 203k gives you extra for fixing it up. Then you can live in two of the units of a triplex let’s say and rent the third unit out to tenants. Just an idea without knowing your situation. As for stories, my husband and I purchased our first single family rental in February of this year in Florida while living in NY. We manage it long distance and just rehabbed it because the tenant abandoned. Once you get your feet wet, You’ll be able to handle anything!!