Is Saving for the 20% Down Payment Worth it in the Long Run?

[Ryan Ballard]

Hi guys!

This is my first post on biggerpockets and I am also new to real estate investing. Since 9th grade I have always planned to invest in Real Estate and now that I have spent almost a year out of college (finished paying off student loans), I have been trying to save every penny I can to purchase a multifamily property (duplex or triplex) and start house hacking by living in one of the units and renting out the other. 

In your opinion, is it better to save up for the 20% down payment when just starting out, take out a conventional mortgage for a 3% down payment + PMI, or an FHA loan that requires 3.5% down payment + the Mortgage Insurance premium? More or less interested in finding out if it is worth it in the long run to save up for the 20% down payment. How did you purchase your first property?