Looking to buy a duplex or a 4 unit as my first investment.

[Marco Cruzatt]

Hello guys,

I'm looking make my first deal. I don't really care about living at a nice home therefore I dont plan on living in the property. 
My plan is to purchase a duplex (Or 4 unit if the bank allows me) and have my mom live  in one of the units (and manage the property) and rent the 2nd unit. However, I live in LA and my mom lives in So Flo (Coconut Creek). Here are my questions:

1) Can I buy in So Fl but live in LA? (Will the bank be ok with it?)
2) Can I finance in LA and buy in So FL or do I have to get a financing company in So Fl?
3) What are my loan options and what would be the most beneficial and cost efficient type of loan for me.

I have good credit and a strong steady income (I'm a Civil Engineer)

[Chris Mason]

Hi @Marco Cruzatt, and welcome.

I have no idea what a "So Flo" is because I'm a crotchety old man and do not keep up on the crazy slang you young whipper snappers are using, but here's a fun Fannie Mae guideline for you that may be applicable....

If that applies to you, you counting as the owner occupant because you're providing housing for Mom who cannot get a mortgage, means that the owner occupant interest rate, down payment requirements, etc, will apply.