1st DEAL Small multi family

[Brandon Blessed]

Good morning everyone, it's Brandon here from South Florida.

I'm a First time home buyer / investor.

Looking to invest in small multi family 2-4 units.

So here's my situation.

I am currently renting in an apartment.

Pre-approved ✔ FHA loan

Checked out over 50 properties over the past months ✔

Haven't made any offers yet ❌

I want to know before I start throwing offers out there, how do I go about purchasing a property, under my LLC or me as an individual? ( used my personal information to get approved for the loan)

Also since I'm in a lease now at my apartment complex can I purchase a duplex tenants occupied on both sides while living in my apartment?

Or do I have to move into a duplex with a FHA loan ?

What should I do from here ?

HELP NEEDED...

Any advice would be greatly appreciated.

Kind regards,

Brandon

[John Casmon]

Hey @Brandon Blessed with an FHA loan you need to purchase the property in your own name and plan to move in. Closing will take a little bit of time when you factor in inspections. When does your lease expire? Many times you may be able to get out of the lease with proper notification (after your due diligence is complete).

Keep in mind that any property needs to pass an FHA inspection and get familiar with the criteria. We lost out on a  4-unit because it wouldn't pass the FHA inspection and the seller didn't want to be responsible for disclosing the issue.

Assuming you plan to keep this in your portfolio if/when you move, just make sure you analyze it based on being an owner occupant, as well as the both units being rented.