Need advice on what you would do for FHA loan

[Leo Tamcsu]

I am 19, Currently in college, have a 790 TransUnion score, never missed a payment on any of my debts/loans. School is all paid for by scholarships so all my debt is in 4 rental cars that my parents helped me co-sign with. I spend 5-6k on average on credit cards a month for my reselling business that I do too. Have had a job since 2019 at a restaurant. Have up to 30k I can put down on to a property. Obviously I want to leave my hometown and move around until I find a place I like, but I plan on doing a FHA and living there for a year with the other rooms either airbnb or tentent and once I can move out, will rent out my room. What would you guys do in my situation, what type of property, what are some good areas (Currently in Tampa)

Thanks

[Josh Green]

Quote from @Leo Tamcsu:

I am 19, Currently in college, have a 790 TransUnion score, never missed a payment on any of my debts/loans. School is all paid for by scholarships so all my debt is in 4 rental cars that my parents helped me co-sign with. I spend 5-6k on average on credit cards a month for my reselling business that I do too. Have had a job since 2019 at a restaurant. Have up to 30k I can put down on to a property. Obviously I want to leave my hometown and move around until I find a place I like, but I plan on doing a FHA and living there for a year with the other rooms either airbnb or tentent and once I can move out, will rent out my room. What would you guys do in my situation, what type of property, what are some good areas (Currently in Tampa)

Thanks

Hey this is awesome! My wife actually does reselling full-time (we both were engineers and both of us now do our own businesses full-time). Love the hustle spirit! We moved from SLC which has been a top 10 metro the past decade in appreciation. Not to be biased, but I think you should start your REI journey here in the Tampa bay area. If you look at any charts you'll see that Tampa was one of the hottest markets in growth and one of the lowest among those in decrease. This is because the demand has been, is and will continue to be outpacing the supply. This is because of the desirability, price-to-rent ratios, job and infrastructure growth/outlook, and more. The BEST way you can start is with a solid house-hack. You can still get deals here that, as a house-hack, eliminate most of your entire PITI (principle, insurance, taxes, interest) even with a low-down and higher interest rate environment (relative to the past 3 years, but not high historically).

What that means is you're able to comfortably cash flow when you move out and while living it in aggressively save.  This is how my wife and I started off our investment portfolio and were able to save at a pace for 1 property/year and now are are able to increase that pace.  Couple this with the current environment: the herd mentality of normal buyers (and a lot of inexperienced investors) is that now is a bad time to buy.  Well, that's a perfect time right now to actually get a deal for at or below appraisal value AND get some seller credits (unheard of a few months ago).  So, you're actually able to get these cashflowing properties with less out-of-pocket than you could 6-36 months ago and are able to immediately increase your profit once the herd mentality returns (rates will dip, demand will flood back, prices will go even higher) and you go to refinance to a lower rate, with higher rents, and higher equity through appreciation.  In addition, the TB market has outstanding opportunities to increase cash flow through short and mid term rentals.  I actually do a lot of those now and can help there as well.  When you decide to move, I got the best PM out here that will take care of your property if/when you leave!  If that sounds like a plan to you, I'd connect with @Raymond J. Rodrigues right away to figure out what you can qualify for and if you qualify for any special programs to reduce your downpayment or closing costs even further!