Buying First Small Multi-Family

[Dannielle O'Buckley]

I'm looking to buy my first property and I'm looking at a 4 unit multi family home. It has 3 studio apartments and a one bedroom apartment. I just graduated college and I have a full time job with an engineering company as a land surveyor. I have 2 summers of internship experience and the job that I have now. I'm going to try to start looking for financing, preferably an FHA loan. I don't have any debt right now and I would like to house back to cut my cost of living.

The property is in a college town with larger towns/cities 20 minutes away. I think it is in a good location. I’m nervous about financing and I’m not sure if I will get approved for enough to buy the property because I don’t have 2 years worth of full time work experience. I’m also nervous because this would be my first time having this big of a responsibility and commitment. If this particular deal doesn’t work out, I’m looking at other properties in a different neighborhood. I think I’m more so nervous to do my first deal.