Buying 3 Family House as First Property

[Cory Gardner]

I am looking for advice on whether or not my plan is feasible or not. My brother and I plan on buying a 3 or 4 family house using an FHA loan and putting 3.5% down and living on the top floor. We will only do this if we can get at least a 20% discount on the property so we can have decent equity in the property. We plan on doing this so we can live for free and we can get free equity by finding the property at a discount. Basically this entire plan is based on us finding a property at least at a 20% discount so we can sell the house in a couple of years and then get another FHA loan and repeat the process until we can buy a commercial property. Does this seem like a dream or is it reasonable?

Thanks,

Cory Gardner