New Member Purchasing First Property *Uncommon circumstances*!
Hello BiggerPockets community. First of all thanks to the BiggerPockets team for providing such high quality, interesting, and informative real estate investing information for everyone and creating a platform for people to connect. I have been listening to the podcasts, watching the webinars, reading the books, watching the YouTube channels, all to learn and prepare.
I am in a unique situation and would like to reach out to the community for advice and insights. I have been technically unemployed after university (3 years ago) because I'm an entrepreneur. I have a startup and that means I work without a salary and try to build the business.
That means I can't qualify for an FHA loan for an owner live-in multi-family property (no pay stubs or W2). I have saved some money for a down payment (at least partial), but I would need support getting the loan. I would like some input on how to achieve this or overcome this barrier.
I also do not have much of cash reserves. How much would be safe to have?
I would like to get a triplex or a quadplex to max cashflow, but I would get a duplex if its a good deal. I would have one residence occupied. However, I will not live there all of the time. That is something to consider when it comes to managing the property.
I would like to move forward with this sooner than later due to personal reasons, so any advice and insight on this would be greatly appreciated.
Cheers!