Need starting out advice (South Florida Multifam FHA 203k)

[Austin Martinez]

Hi all,

I've been doing research, reading, and listening to the bigger pockets podcast for a couple months now, but I have some questions about starting out on my real estate investment journey that might be more specific to my situation.

My name is Austin, I live in South Florida and work full time in corporate finance.

I have never owned a house, I have great credit and no debt.

I think my first move should be a multifamily househack and take advantage of the FHA 203k loan.

I want to keep my same job for a couple more years but significantly lower my monthly expenses by moving out of my rental apartment and getting into a more cash flow neutral living situation.

So my plan is the following:

1. Get pre-qualified for a home loan.

2. Go to a local REIA and find a good wholesaler.

3. Buy a livable but distressed small multifamily property to live in for at least 1 year while I save up more cash to invest elsewhere. Eventually would move out and rent out my unit.

4. Profit. (lol)

I have a couple basic questions:

1. What do you think of my plan?

2. What is the best way to go about shopping for a loan? How many offers should I get and what type of lenders should I go to for an FHA 203k?

3. Is it realistic to think I will be able to find a good off-market deal that could be truly cashflow neutral (accounting for hidden expenses like vacancy, property management, depreciation, etc.) while using an FHA 203k? I know there are stipulations and the lender will want to inspect and appraise the property, so I won't be able to move forward without contingencies. So I'm a little worried I won't find the best deal or I won't be able to move fast enough....

Any advice you could give would be greatly appreciated! TIA