What to do?

[Steven B.]

Hi my name is Steve, Im a newbie trying to get started. I have been preapproved by Wells Fargo. Im trying to find a multiple family that I will house hack. Im using all the available new home buyer programs. FHA loan, down payment assistance. I want to get started now by wholesaling or buying a condo to rent. However I dont want to lose my first time home buyer benefits. Is there a way I can get started while preserving my status?

[Nathan Reed]

If you wholesale you won't actually be buying a property unless you do a double closing. It could be a great way to make some money to put toward a multifamily purchase in the future. But, I will warn you, if you go the wholesaling route be prepared to market like a mad man and set aside an actual marketing budget. Making it in wholesaling is totally dependent on the amount and quality of leads that you produce.

Now, if you actually purchase a property then your first time home buyer status will go away. So, make your first purchase count!