Buying my second home (multifamily)

[Jonathan J. Garcia-Torres]

Hi BP family!

I'm looking to get started with my real estate investing career. I recently attended a local real estate investing association meeting. In the meeting is where I got the idea to use a fha203k loan to purchase a multifamily home that requires repairs (preferably kitchen, bathroom and bedroom updates. I would leave my current SFR as a rental and move into part of the new mfr. I will use a HELOC to obtain the funds needed to put down a 3.5% down payment and closing costs. Then I will takeout the equity out again in the mfr and brrrr my third mfr (fourplex).

Any suggestions or guidance tips that  anyone would like to share would be greatly appreciated. 

thank you!

Jonathan