First time buyer for multifamily

[Deric Allen]

Hello BP community. 

what are the different loan options for a first time home buyer looking to start a portfolio and jump into multifamily real estate. Doing owner occupied for the first one.  And maybe some pros and cons for them? 

maybe if anyone knows about other pieces that could help out the buying process also. I'm looking massages and Connecticut border are first. And slowely expanding out from there. 

[Zachary Balas]

Doing the house hack puts you into a good spot, because you can use loans for a primary residence. Anything Conventional, FHA, VA is going to get you into a property from 1-4 units. If you are looking for low money down, check your states down payment assistance programs. Ohio has some that allow duplexes depending on the type of loan. When looking for down payment assistance, check to see if it is a grant (don't need to pay back) or a 2nd note (do need to pay back).

When looking at the type of loan, ball park your credit score and how much you want to put down, then the loan will show itself. Conventional above 80% LTV will have the PMI and an FHA will always have it. Figure out your back end debt to income ratio so you know what you can afford. You can use 70% of rent as income. Put all this together and you can have a productive conversation with a lender and feel more confident.