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Updated over 11 years ago,
Best approach for first property
Hello everyone, I wanted to get your input on how I should move forward at this juncture. I'll try to be brief here, so...
I am looking for my first property, ideally a multifamily in lafayatte, In, my local city. In order to live in one unit, rent the other (s) (in order to secure low Down payment financing.) however the market for duplex etc in lafayette is rather thin.
If I were to get another property, Id be willing to expand to other areas such as Indianapolis etc, looking for similar property. Essentially I don't want to buy a sfh at 20% down to to lack of liquid assets, hence the desire for multi. I have been trying to reach out to friends and family for a possible private lender, but no bites yet.
So my question is this, should I just keep waiting and hope to find a good deal with those specific criteria or keep trying to find some financing privately and then just stick to getting a good deal. The biggest roadblock is, while I've done my reasearch, and can convince others I understand the baisics, I find it unlikely for someone wo want to lend their money to someone who hasn't at least done one deal themselves yet.