advice for a first time home buyer

[Joshua Koo]

Hey guys Im sure this topic has been covered over and over again but I am having trouble finding a clear answer since I am very new to REI and have never purchased a home but would like to make my first purchase for a multi family home using the BRRRR strategy.the particular units im looking at range from 500k-570K and I do not have a sufficient down payment (I have about 10k to put down) I do not know for sure yet but based on my conversations I am sure I can get the price lower since that is price of initial listing.

so my question is If i get a 20% loan form a hard money lender and use that as a down payment for a mortgage is this possible? or are there hard money lenders who will assist me with 100% of the cost and I can simply refi after the seasoning period? or are there other options that I am missing here.

I do not mind trying the FHA 203B and living out of one of the units but again the downpayment seems to be my issue. if anyone could help me figure this out or at least point me in the right direction that would be great!

I appreciate your time and advice in advance thank you! love this community!

[Stephanie Medellin]

@Joshua Koo  There is a conventional loan option with just 1% down, but it requires excellent credit (700 or higher credit score) and is only available for 1-unit properties (no 2-4 units allowed).  There are down payment assistance programs too, but those are also usually limited to single units.  They can be great programs for the right person, but unfortunately they are designed to help people get into homes, not become real estate investors!