2 part question about FHA

[Tom Manna]

I'm very new to real estate, looking to make my first investment this spring. What are the FHA requirements for multi family in Massachusetts? My income is the only thing holding me back to apply. Started a new 9-5 job at the bottom making $36k a year. If I buy a triplex, live in one unit, will the rents from the other 2 help me with me income issue as far as qualifying?

[Tim Wilkinson]

There are many factors: length of time at employment, etc etc. If you just started it can be challenging. If you look for a property that already has all units rented, you'd be in a much better place. Then, you simply choose your unit and go through the eviction process for that unit.  I believe that is a better scenario than finding one partially occupied for two reasons:

A - It demonstrates your ability to rent: remember, the bank will likely see the tenants and how they are living. Bad tenants don't help your case at all.

B - Doing the eviction legally and ethically demonstrates good landlord qualities. It is a business. 

Also, you may consider a 203K, as you'd have up to $35,000 (I think) to do renovations. If all the mechanical systems are good and the units are in decent shape, you can spend most of it on updating your unit to a higher quality apartment that will pull more rent when you vacate. 

That's all IMHO.

Good luck.