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Updated over 1 year ago on . Most recent reply

User Stats

10
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7
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Chris Valencia
  • New to Real Estate
  • Los Angeles, CA
7
Votes |
10
Posts

Long Distance Real Estate Investing - First Timer

Chris Valencia
  • New to Real Estate
  • Los Angeles, CA
Posted

Hello All, 

I am a first-time homebuyer looking to take advantage of an FHA loan for my first multi-family property. I've been educating myself through BiggerPockets podcasts, reading forum threads, and speaking with investors in my inner circle. I am in a financial place where I would like to obtain an FHA loan to buy a multi-unit property and use future rent as income. I'm excited to start the journey into real estate investing and grow my portfolio by building my dream team.

I currently have a salaried job and reside in Los Angeles, CA. I've only been employed with my current employer for 1 year and previously worked as a consultant for a year after the pandemic. I know that may hinder me from qualifying, but I'd love to connect with a lender to talk through my options as a first-time home buyer. I am ready to begin my pre-approval process. I'd also like to learn more about what you need to qualify for a NONQM loan, as my secondary option. 

My Buybox: Dulplex - Class C, Class B. Near hospital (travel nurses suggested), College Towns 

Ideal Markets: Columbus, OH - Licking County, OH - Cleaveland, OH - Detroit, MI 

Any information on this process would be helpful and suggestions on good lenders & other markets to consider are appreciated! If you have done this yourself, your personal advice is welcomed. 

P.S. - I'm slightly scared to take the leap, but I believe in myself and will put in the work myself to PM the property onsite. 

P.S.S - I do plan to reside in the duplex for the first year and will relocate for the right deal. 

Most Popular Reply

User Stats

497
Posts
686
Votes
Anthony L Amos Jr
  • Real Estate Agent
  • Columbus, OH
686
Votes |
497
Posts
Anthony L Amos Jr
  • Real Estate Agent
  • Columbus, OH
Replied

House hacking is a great strategy! I can connect you with some local lenders here in Columbus, OH.

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