Buying My First Property

[Ashley Jones]

Hello BP, I am new real estate investor in the Dallas/Ft. Worth area. My partner and I are looking to purchase our first property. We are mindful that our first property will be considered a "starter home" and are considering house hacking a triplex or fourplex. We don't have the capital for a down payment on an investment loan or access to private funding, so we are thinking about an FHA loan that requires a lesser down payment. The goal is to find a distressed or mix-use property in a desirable neighborhood that we can rehab. My questions is, what banks are recommended for these types of loans; ones that allow your primary and investment to be grouped after rehab? Is the FHA 203k loan the only option. We even considered hard money lenders in which we will not have to live in the property, but that will still require a larger down payment than we have available.