Buying my first property

[Zach Baklik]

Hi BP community,

This is my first BP post. I'm 32, have been wanting to get into RE since I was 16 or so and now I'm ready to jump in. I would appreciate any guidance from experienced investors.

Here's my plan:

Buy a 3 or 4-plex as an owner-occupied property in the Tampa Bay / St. Pete's FL market because of favorable landlord laws, appreciation potential, and nice weather. I'll occupy the smallest unit and rent the others out for maximum cash flow potential.

Budget: $350,000k.

Can afford to put 5% down (7.5% down max). Should I go FHA or conventional?

I have excellent credit, no debt, $100,000k salary + commission. Currently paying $1600 rent in California which will disappear when I move in.

It's my understanding that the first step in the process is to get pre-approved for a loan. I want lenders to compete for my business to get the best rate. Do I have 30 days to apply for multiple loans without taking additional hits to my credit? How many lenders should I look for? How many lenders are too many?

Once approved, can I take what I was approved for and put it towards any property I like? Is this when I should find an agent or should I look for one sooner? Ive already been looking at Realtor.com. Is there something else I should be focusing on at this point?

How long do I have from being pre-approved to finding/closing on a property without wasting unnecessary funds? 

Once I'm settled in and I recover the amount that I put into the property from the down payment, I want to move out, rent out the 4th unit and find a similar property. Repeat the process while continuing to work my full-time job. Realistically, how many properties do you think I can acquire each year based on my current salary and living below my means?

Are there any experienced investors who can think of a better strategy?

Is there anyone who can share tips on how to approach this differently?

Really appreciate the help. From what I've learned, the first property is the hardest. I'm ready to go all-in but want to make sure that the first property was well executed.

Thank you in advance for any assistance,

Zach Baklik
First time investor