Advice for a buy and hold newbie in Savannah?

[Karl Sperl]

Hello BP Community,

Currently looking to buy my first home and get into buy and hold REI. Preferably I would like to purchase a multifamily home (or home with carriage) and househack, but supply of multifamilies I could afford seems to be low. If I couldn't find a multifamily before my current apt lease ends (end of July) I would be fine buying a SFH that could cash flow when I move out. SFH I would prefer at least a 2b/2b or 3b/2b so I could AirBnB while living there.

I'm pretty open to considering most of the Savannah area. Currently looked into Avondale area, south of dt, and Windsor Park. So far scanning the MLS it has been difficult finding listings that could meet the 1% rent to purchase price rule. Also, running the numbers further to check if properties can cash flow after considering taxes, insurances, capex, repairs, vacancies etc.

I would be financing using an FHA or low down payment conventional loan. Looking to buy with as little money down as possible. I have an agent and mortgage broker I have been working with to your a few properties and get approval for financing.

Any advice if there's areas that I could be missing where I could find the type of property I'm looking for? Or advice for a new buy and hold investor in general? 

Thanks!