Success Stories Buying 4plex With FHA?

[Daniel Colon]

Hello BP!

My name is Daniel and I am a new real estate investor down here in Miami Florida, looking to purchase my first property - a 4 unit property(fourplex/ 4plex/ quadplex). I would like to use an FHA loan with 3.5% down, but I cant seem to find many success stories online - and the ones that I have found don't have much detail regarding their experience and the deal.

I know there have been plenty of people who have utilized this method, so I wanted to hear some success stories that include the following info (Triplexes as well):

     Property Purchase Price

     Amount $ Put Down (If you put down more than 3.5%, why?)

     Amount $ in Reserves 

     Property Details (Unit Breakdown, and Rent Roll at time of purchase)

     Meeting the Self Sufficiency Test

     How Was Rental Income Factored into Your Income for Financing

     What Was Your Stated Income (If you don't mind) 

Refinancing Down the Line to Remove PMI?

     Things That Caught You Off Guard Throughout the Process

     Overall Experience

If you have any additional information you'd like to throw in feel free! 

Also, below I've listed the details of an example property that I am looking at:

4 Units

Listed Price $550,000

2/2 - $1,500

2/2 - $1,450

2/1 - $1,250

2/1 - $1,250

I would move into one of the 2/1 units. 

Thank you,

Daniel