Early 20's, First Time Home Buyer, Aiming at Buying a Plex

[Pearson Wade]

Hey guys,

So I just graduated school and started my first full-time job as an engineer. I've been doing more and more research and I have decided that I want to buy a plex (2, 3, or 4-unit) sooner rather than later. I would love to take advantage of first-time home buyer type programs, and other benefits for this first purchase, especially because my income is lower now than it probably will ever be. I would really like to start with a plex and live in one of the units, so the challenge is finding the right deal provide a positve cashflow. I would plan on using a property manager because my passion is my own career, and also because I will spending a good amount of time away from the area over the next several years. The ideal time frame to buy a property would be this summer (June-ish 2019), but if it didn't work out, I would hold off the following summer (2020). I reside in Fort Walton Beach, FL.

This is my situation, and there are certainly many variables to consider. If you have any thoughts or advice about financing, property managers, or mulit-family properties, let me hear it! Also, feel free to ask any questions. Thanks!

[John Powell]

The green acres area does flood sometimes but most of the houses are built up enough to keep them out of the water. There are pockets all over FWB that flood so always check the FEMA flood maps before you make an offer as flood insurance can be expensive and turn a decent rental in to a bad deal. 203k requires that you hire contractors for the rehab and has a fair amount of red tape but can work well to get into a property that other financing options cant touch.