my plan for the next 5 years

[Troy Dingman]

I am looking to purchase a multi family in my area, ideally 4 units with an FHA loan at 8-10% down. I'm 18 years old and going to school for business administration. I have 2 major connects in real estate, one is a potential internship with a major agency in my area( i met them through my fathers dog training business) and plan to start that this summer. The other is a investor with over a dozen local properties who has been coaching me up. Is this a good plan? what should I dive in to and what should i avoid?

[Austin Steed]

Quote from @Troy Dingman:

I am looking to purchase a multi family in my area, ideally 4 units with an FHA loan at 8-10% down. I'm 18 years old and going to school for business administration. I have 2 major connects in real estate, one is a potential internship with a major agency in my area( i met them through my fathers dog training business) and plan to start that this summer. The other is a investor with over a dozen local properties who has been coaching me up. Is this a good plan? what should I dive in to and what should i avoid?

 Fannie/freddy just changed conventional multi family owner occ's to just 5% down. I believe this is a better loan product for 3 reasons: 

- PMI will eventually fall off the loan. FHA mortgage insurance last the life of the loan.

- FHA loans have the self sufficiency test. On 3-4 units going FHA the rents will have to exceed the payment.

- You'll have a stronger offer to sellers with conventional financing.

You're off to the right start, try and get taxes in a good position then find the right deal! I started househacking in Columbus, OH 5 years ago