New to investing and looking to acquire my first multifamily property in Miami

[Shai Yona]

Hey! I have been a big fan of bigger pockets for a while. I am going to start to be more active in the forums here. I want to learn as much as I can, and figure out a creative way of how I can acquire my First Multifamily property. I would like to have it be a 4-plex. I am open to an FHA loan or house hacking and living in one of the units. I also am interested in the BRRRR method. Like i said, i am very new to this, but eager to learn.

I also am a recent college graduate so i dont have 2 years of income to show for a conventional loan. Maybe a DSCR loan is what i should go for? If anyone wants to connect or has any advice for how I should get into the game, I would love to talk!

[Carlos Valencia]

Hi Shai, 

Do you currently own any properties investment or primary? In order to use DSCR loan product you will need to own one of these first. Otherwise your considered first time home buyer. Best option is using conventional or FHA so you can house hack and enter the market at 3.5-5% down. # things to look at when applying for a mortgage are credit, assets and income. Credit is important because that will help you get the better rates when applying, Assets are needed to help you be flexible with your purchasing options because depending on the assets you have you can enter the market at 3.5% -5% or 20%. If not 20% then maybe you can use the remaining assets to help with rehabbing your property while living there or use it to get into another property in the future. Income will help determine how much mortgage payment can you take on a monthly basis. The higher your income the better because you will be ale to be more flexible on the areas your looking for as well as the type of properties. Those are the 3 things to focus in order to be enter the market.

@Albert Bui @Matthew Kwan @Kin Meng Sio