How to go from owning a home, to owning a multi family property?

[Jacob Breazile]

I am a first time home buyer, and was initially planning to purchase a multi family property such as a duplex or triplex with FHA for my first home, and live out of one side. Now I have found that despite having no other debts, my student loans are inhibiting my ability to purchase a multi family property (I can only qualify for 210,000 - 220,000).

I can currently qualify for quite a bit more with a conventional loan on a single-family property. We can purchase a home and renovate it, which would provide us with more capital, but how would one go from owning a home, to owning a duplex/triplex? What is feasible and what isn't? Is there anyone who has been in a similar situation that would be willing to share what they've learned? My long term goal is to own many commercial real estate properties such as multi-family homes and apartments. I'll admit this questions is more open-ended than I'd like, but I'm feeling a bit lost. 

[Cristian Aviles-Morales]

@Jacob Breazile I thankfully have no student loans so I can not speak on that portion. But, I understand your desire to "get in" and start now rather than later so that your efforts can compound fully on the years to come and not waste a day more. 

If your current rent prices are comparable to mortgage prices, I would suggest trying to qualify for a mortgage loan that will allow you to purchase a SFH in a desirable area (remember, it's better to have the WORST house in the best neighborhood than the BEST house in the worst neighborhood). And sub-leasing rooms out to roommates.

I am inexperienced with landlording. I only have a property that I bought to live-in with my wife just this summer. Our first house, actually. With that being said, we have decided it be best to rent out a room, maybe two since they're not being used and thus turning our house into an asset instead of a liability. 

I would encourage you to consider that as well, even if it's not the desirable outcome you want. Unfortunately, starting off it seems to ring true that you just have to do what you have to do before we can get to doing what we want to do.