Newbie in Indianapolis IN area

[Henry Offiah]

Hello BP.

Name's Henry. I'm very new to REI. This is my first post on BP also. I've spent some time on here reading the beginners guide, trying to learn and educate myself through the bp podcasts, and other books.

I've got some debt I'm trying to clear out, but i feel I can still start learning more and more and figure out which properties I can possibly make my own.

My goal is to buy a duplex or triplex and live in one unit within the next year. I would like to use an fha loan to finance this.

My confusion now is, I don't know what to do next, and would like some advice and direction.

Should I start looking for deals or what are next steps?

Any help and direction is much appreciated. 

[Patrick B.]

@Henry Offiah Welcome aboard. I really like your strategy. Indianapolis seems to have fewer duplexes than many other midwestern cities so it will likely take some patience and persistence but can definitely be done. If you haven't already, I would sit down with a knowledgeable mortgage professional and walk through your situation. A concrete, real pre-approval isn't likely necessary at this early stage but it'd be helpful for you to know where you stand. How much you can afford; how much of a down payment; etc. Then I would start looking at deals. Running numbers and analyzing deals will only help you become more and more proficient at spotting terrific investments, even if you don't anticipate making real offers at this time. If you've not already done so, check out the FHA 203K loan product as a possibility as well. Could open the door to some potential purchases that you'd otherwise not consider.