Buying First Multi - Which strategy would you implement?

[Craig Moore]

Hi BP,

I have a question, I'm looking to buy my first multifamily either Q4 of this year (right around the corner) or Q1/Q2 of 2017. Here's my dilemma. I've only got about $20k saved up. I've spoken to mortgage brokers, etc., and I need about $10k more just to qualify for an FHA loan. Chances are I will be in a neighborhood a bit away from where I grew up and currently work, not a fan. So here are 3 strategies that I've been considering and I'd like to see which one you all think I should go with or if you could recommend any to get me over the hill!

1: Keep saving capital/living frugally (what got me to $20k in the first place) until I have enough to make the move. (IMO this may require me to watch time past me by with all of the current strategies to get in somewhere)

2: Try to find a seller financed multifamily, maybe somewhere in my area or 20-25 minutes away.

3: Use this capital as marketing dollars and begin wholesaling. I've heard great things about what wholesaling can do in regards to building capital. I do not want to oversimplify what it'd take to be successful at this though.

Thanks,