New and young Minnesota Investor in Hopkins

[Jadde Rowe]

Hello!

I am 23 years old and looking to begin my real estate investing career in the next year. I have been educating myself through reading articles and the BP podcast as well as saving my current income. I also have family members who are currently investing so have learned some things from them. I live and work near Hopkins, MN. My end-goal is to buy and hold rental properties and would like to start that journey through "househacking" a plex. I am looking in the Hopkins area, North Minneapolis, South Minneapolis, and Saint Louis Park. 

In addition, I have already spoke with a loan officer who did pre-approve me for a loan. This loan did include PMI and I am curious if anyone knows if it is possible to get a loan with a low-down payment and no PMI for a first-time home buyer? I know I have great credit and perhaps could have a co-signer.

Finally, which of the areas that I listed above (or any other areas for that matter) should I focus on finding a good deal that will at-least break-even? I more or less want to gain the experience and build the equity from the first deal rather than cash flow. It would also be super nice if my mortgage would be fully paid for or almost paid for by the tenants and I wouldn't have drive for an hour to Hopkins from my house.

Thank you all for any advice you can provide! I really appreciate it.

Jadde Rowe

[Jadde Rowe]

@Tim Swierczek Thank you for the illustration! 

@Armin Nazarinia I appreciate you breaking down the options for me. I ideally want to cash flow so option 3 may be the way to go for me, but understand that by putting less down it will be more difficult.

@Isaac Braun Thanks for the connections!

@Account Closed Thanks for the advice! I will keep putting in work. 

I appreciate you all responding to my questions and offering your advice. I may reach out to a few of you personally with some additional questions. Thanks again and I wish the best of luck to all!