Updated about 9 years ago on . Most recent reply
First deal
Hi my name is Sarunas. Im going to get my first deal. Im not sure if i should go with multiple family home or single. I will not get the conventional loan since my job swiched a few times in last few years. Im looking to get a place thats a bout 100k. I have 50% saved, and im not sure if i should save a lot of it for rehad. Im located in Chicago land area, and would like to invest in safer and nicer neighborhood since i would like to house hack if its multiple unit.
Most Popular Reply
Hey man I recommend you start with a multi family. Its much better for cash per door, vacancy, and house hacking.
Also, I recommend you don't put $50k down on a $100k property. You should leverage your money far more than that.
Instead, I recommend you use an FHA loan for your first property (2-4 unit, 3.5% down=$3500) and then once you live there for a few months and get the hang of property managing, use your cash to pickup another MFH like a 4-6 unit via conventional financing.