Where do I get started?

[Ian Baldau]

My friend and I are in our early 20s and are looking to buy our first home. Our goal is to live in it for a year to take advantage of the low down payment and then rent it out. I have a 760 credit score and he has a 680. We both are independent contractors and each have 30k saved up and make around 75k a year. We’re open to buying any type of property but would prefer a multi family. I guess my question is we don’t really know where to get started any suggestions for first time home owners in our situation?

[Crisselda Clark]

If you're co-buying this property with your friend make sure you both are communicating and let each other know where you stand on everything. Check out tribevest for a transparent platform for investing with people, having the legal and nitty gritty stuff down will help things move in a friendly and clear direction. Don't put on the blinders for other strategies, yes in a perfect world you would find an awesome multifamily property that you could house hack and so on, but don't disregard the SFH. You could find something and add an ADU and rent it out as an STR or MTR. Learn, communicate, and be decisive! Deals are lost all the time because people take too long making their mind up. Sometimes the best way to learn is by doing, and it's rare to find a problem that can't be solved by action. Good luck!