Getting Married in 1.5 Years- How to Take Advantage of FHA?

[Adam Lovell]

Hey all- we have a pretty complicated question and would love some input from you more experienced folks.

I am 29 and my fiancee is 24.  She is graduating nursing school next week, and plans to get a job in the Tampa area, so that area is going to be our target market. I work for a tech company and can work from home. We currently rent in Atlanta and neither of us have ever owned any property.  Financially, we will be out of student loan debt by summer next year (2018).  Our wedding is in March of 2019. 

We are both leaning towards a house hack (duplex/quad) then some BRRRR deals, with one stipulation of being in our own 'nice' house before we have kids in 4+ years.

We have no idea how to take the best advantage of FHA loans. What would you do?

Thanks!

[Brian Schmelzlen]

I would answer your question, but it sounds like you have the "right" answer already.  If you are comfortable house hacking (i.e. comfortable having your tenants next door), get a triplex or a quad as long as you can afford the down payment on a property that size.

One thing I would suggest is get as much set up (or at least researched) in advance as possible.  Talk to a CPA since your tax situation will be changing.  Look into the best way (for you) to track your income and expenses.  It can be as simple as an excel spreadsheet.  Get recommendations for a good real estate attorney now so that if an issue ever does come up you have someone in place you can talk to.  Get recommendations for a good handyman now because you will need it.  Etc. Etc.