Financing Options For First Property

[Tyler Fehring]

I have been very interested in purchasing my own investment property, preferably a two or three flat to get started.

I have been listening to bigger pockets podcast for a couple of years and love the informative and helpful content provided.

Ive looked at a quite few properties with the objective in mind to live in one of the units and rent out the other(s). Ive used some of the tools on BiggerPockets.com to run analysis on different types of properties but till this day I have not pulled the trigger.

I was never very handy so buying my first investment property made me nervous so I decided to just purchase a single family home to get acclimated to the general expenses and fixes that come with owning a home to prepare myself for my future investment properties. (Also got sick of blowing money on renting)

My question is in regards to financing my first investment property. I did use a standard loan to finance my current home that I live in (not an FHA).

Because the first investment property I buy will NOT be my primary residence, my understanding is that I cannot finance it with an FHA loan, therefore forcing me to put at least 20%+ down, which is a ton of money when looking at most multi unit properties.

Am I still eligible to use an FHA or less than 20%+ down to finance my first property?

Any advice is greatly appreciated!!