Multi-Family and Apartment Investing
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 5 years ago on . Most recent reply
Living in and renting a Multifamily
Wanted to get some tips on buying a multifamily as my first investment property.
I would like to live in half and rent out the other half.
What would be the better way to go about this?
FHA loan on a already fixed up property or finding a property that needs work, finding a lender and doing the rehab?
Would love to get some feedback on this, thanks
Most Popular Reply
#5 All Forums Contributor
- Real Estate Broker
- Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
- 19,324
- Votes |
- 28,305
- Posts
#5 All Forums Contributor
- Real Estate Broker
- Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
Originally posted by @Daniel Colon:
Wanted to get some tips on buying a multifamily as my first investment property.
I would like to live in half and rent out the other half.
What would be the better way to go about this?
FHA loan on a already fixed up property or finding a property that needs work, finding a lender and doing the rehab?
Would love to get some feedback on this, thanks
Go FHA man. No reason to do a big ole' project. You go FHA and you're getting in with as little money as possible. 3.5% is nothing. That's how I got started 10+ years ago. FHA property for $85.5k that I lived in for 7 years. Was working as a RadioShack manager making $30k or so per year when I bought that sucker. Today I run a portfolio valued over $50 million and have 60+ employees.