Buying my first multi-family

[Michael Vieira]

Hello all, my credit score is around 700  and I plan on buying a multi-family when I graduate in 3 months and living in one of the units. I am looking around 2 places ( depending where I choose to work), Jersey City, or around the Bethlehem/ Allentown (Pennsylvania area). What are some good sources to find good deals in specific areas like foreclosures etc. Is anyone familiar with these areas? Where do you think in these areas I should look for good deals. How much flexibility do you think I have with my credit score? And lastly, what kind of loan or other funding strategy would be most helpful? Thanks!

[Kyle Rountree]

Michael,

Congratulations on coming up near graduation! Two years ago, I did exactly what you're thinking about doing. I'm not too familiar with the area that you mentioned, but the financing I am all too familiar with.

I bought a 4 unit owner occupy, and I net about $3-400 a month from it. I get paid to live there!! I used FHA financing so it only required 3.5% down, and at closing I walked out with $2000 in prorated rents which covered almost all of my down payment. It's an incredibly rewarding gig.

Take your time and make sure to find a good deal. I got extremely fortunate with the unit that I found, and I can contribute that to being patient. Use your gut, and find an experienced investor that you trust to give you a second opinion.

I wish you the best of luck in your journey, and feel free to reach out if you would like my outlook on anything.

- Kyle