Am I headed in the right direction

[Michael Thomas McCann]

Currently I am saving up money to put down on a multifamily home around 450-550,000 price range. I make about 40,000 a year and I only have 10,000 saved for a down payment. So my plan is to just rent an apartment for a year and keep saving. I would really like to be able to find and close on a deal sooner than that and house hack if possible. Is that possible? Can I do this sooner than a year with only 10,000 saved so far or is that just wishful thinking? Im a first time home buyer and don't know much about what I would need to qualify for a loan or how to go about it so any advice would be helpful to help me as I start my journey!

[Theresa Harris]

What about finding a place to live in until you have the down payment saved for the multifamily?  This is assuming it is the same or cheaper to buy than rent.  You could also buy a duplex to start-again rent half and it should (if bought right) cover over 50% of your costs.  This will allow you to save on rent while you save the larger down payment.  If you are living in the place, you can get in with a smaller down payment.  It should work with a duplex, but I don't know about a larger multifamily.  Normally for a rental if you aren't living in it, you need 20% down.

First step is talking to a loan officer to find out how much you can borrow.