First Look Fannie Mae Program and Learning Market

[Noah Norton]

Hey, I have a few questions. Long story short, I am moving to Bradenton (FL) in one year, for college. My plan, when I turn 18, is to use a 203k fha loan and buy a 4-plex, live in one unit, rent the others out, etc. Before I move, I am trying to learn as much as possible about real estate, and one important thing is knowing your market.

The Fannie Mae Homepath "First Look Program" seems like one of the best ways to get my first rental with a 203k loan, but this leaves me with a problem. The first look program is unlikely to have a huge selection of good properties, especially in Bradenton.

So should I still focus on learning the Bradenton market, if I might end up having to buy a property 1+ hours away from Bradenton because it is the only good deal in the first look homepath program?

Thanks, sorry if this question is confusing, I had a lot of words and didn't want to make this post long.

[Andrew DeWeerd]

@Noah Norton hey Noah, that would be an awesome first step to take at 18 if they’ll qualify you for the loan! Additionally the home path offerings are very few, and I’ve NEVER seen one on an investment property either. I’ve lived in Bradenton for 4 years and just moved to Sarasota, and I’ll say 4-plexus do not come on the market often and you’ll likely have to get into St Pete or Tampa if you’re set on doing that in a quad. However Duplexes are a dime a dozen here, but prices now are up north of $250k for them even just 1/1 or 2/1 a side, which won’t hit the 1% rule. But if your house hacking it, it pays your mortgage still so still worth doing! My wife and I are doing it now actually.

You might also look at a possible large duplexes where you even rent out the other rooms in your unit- that would definitely be what I’d do if I were you moving as a young single guy for college. Are you going to Lecom, SCF, New College, USF, or Ringling?