First deal during unemployment

[Carly Turow]

Good morning!

I'm looking for some honest opinions and feedback on this :)

In November I left a job I wasn't happy at. I've acquired 2 certifications I needed in order to qualify for the company I really wanted to work for, which I now have been interviewed and told they're going to take me on, but not until they begin hiring on in 2 months.

I've been doing interior painting on taskrabbit for SOME income, but overall I have really depleted almost all of my savings. In 2 months I'll really be hurting.

I was incredibly inspired by Rich Dad Poor Dad and decided on beginning my REI journey. After two weeks of exploring on BP and many podcasts, etc. I decided on buying a fourplex and house hacking.

I'd like to know if anyone thinks that this is a great opportunity and time (i've got all the time in the world right now) to get into my first deal of a fourplex, or if it's a bad move.

Am I thinking wrong in this?

- The opportunity that I see is that by living in one unit, the other units cover the mortgage plus produce immediate cash flow, which can really help bridge the gap initially for me until I start this job.

- Luckily I have an interested father who is offering to lend me the downpayment necessary for my first investment. 

If I live in the fourplex for the first year, I can shoot for an FHA loan at 3%. I'll need my father to co-sign, I believe, since I don't have the income to prove but DO have very good credit. I'd refinance later down the road to help my dad get out of the deal.

I read in the BP email this morning that you really shouldn't begin investing unless you've not only got a job but also have been building some savings because you need some capital reserves. Is that right?

I'd love to be able to pull this off not only for my own sake but also to be an example that getting into REI is possible even when you're scraping by. But, before I do something like this I wanted to see if the greater minds on here see more risk than I'm seeing.

Also.. one more question.. I've been told by an agent that I should go get pre-qualified before I start to look at fourplexes to buy. But, if I go pre-qualify (with my father co-signing?) how long of a window does the pre-qualified loan last for? Is it similar to a car loan where you can get pre-approved but need to find a car within 30-60 days?

Thanks everyone