New and want to jump in!

[MarieChele Porter]

Hi everyone!

I am brand new to BiggerPockets and excited to be here it seems like everyone here seriously wants bigger pockets and are very knowledgeable! Now that that's over let's get to the good stuff!!!! 

I have been saving money for a little while and would like to invest in my first property for rent. At first I was thinking of starting off with a single family home, however after checking out some forums maybe multi-family (at least a duplex) is the way to go?... Here's the thing I have about 20k that I can comfortably use as a down payment and don't know where to begin looking for real estate. Well, actually I know that I can not afford here in California where I live, and have been checking out places in Indianapolis, Indiana. Indiana seems to have prices in the range that I can afford for single family homes, but I haven't even began the research for multi-family homes! 

As far as an FHA loan these can be used for purchase of investment property as long as I live on site in one of the units correct?

If anyone has advice on whether to go for the single-family vs. multi-family homes and what states and/or cities would be good to look in for a first investment property that would be greatly appreciated!!!!!

Thank you!

[Aaron B.]

@MarieChele Porter, Welcome to BP.  You cover a lot of ground in your post and each question you ask is a great question to consider. My recommendation would be to take a deep breath and begin your education.  I started my education and found the more I learned the more I found I did not know.  To help, BP has some great educational tools, and most are free. I really enjoy the pod casts, webinars, and blogs.  Additionally, read read read there are great books available on the RE topic.  

To address your question there are both pros and cons to SFH and multi family. I have read some fantastic debates on those two asset classes in the forums. Do a quick search and you will have reading for days. If you're interested in the Indy market you should really come and visit, however, I would suggest you take time to educate yourself in order to get the most out of the trip.

Generally speaking you need to be very cautious if you plan to purchases duplexs - quads in Indianapolis. Those types of properties tend to be in less desirable areas and have the associated problems with being located in those areas. That is not to say all duplexs - quads are bad but caution and really understanding the Indy market is required.  I have spent the last five months driving Indy extensively and now understand that I really didn't understand the complexities.  

I would be happy to chat your off to a great start by asking the questions.  Feel free tomPM me. I am always happy to provide my lay persons assessment. I am by no means an expert and there are others far more knowledgeable on Indianapolis.  In any case welcome to BP!