All Forum Posts by: Brett Costantino

FHA loans do have higher standard because there is essentially no equity in the deal for the bank to start with(compared to 20% down). I would look into incentives the city has to offer. I know in certain areas they offer rehab grants. If you can, get an agent to hook you up with the MLS in certain zip codes and then you can get properties sent to you daily and start analyzing deals. That's where I found my first property which is an REO.

Look at duplexes and get an FHA loan with only 3.5% down. Live in one unit and have the other unit pay for the mortgage. Fix both units up over the course of a year(while living for free and putting your regular income towards rehab) then when you can, either sell or find another duplex and rent your first duplex out.