All Forum Posts by: Chris DeSisto

@Andrew Postell Can you "save' the FHA loan if you decide to buy a single family later? Maybe its worth using the one time FHA loan on a multi place first, live there for a year then buy something that we can live in longer? We could wait to get married ;p and use the FHA loan 2 times I guess, but that might be a harder sell.. I guess the problem is if I try to buy a multi-family place as an investment and live there without the FHA do I need to put 20-25% down? Or if I live there would they not make me put that much down? Would they require I live there a certain amount of time? Almost like a pseudo FHA loan?

Hello all,

I would like to crack into buying buy and hold properties. I have never bought a home in my life but I have saved up some cash (Not totally sure how much I am willing to invest yet). I am looking to possibly buy a multi-family property as a first time home buyer. I think I can do an FHA loan and live in it for a year, then I could move? Do you need to stay longer? Also, should I use the FHA loan to buy a multi-family home? Should I wait to use that when I decide to buy a single family home for myself? Can I do an FHA loan under my name and another under my future wife (engaged)?

I am sure each market is different, I was looking at some multi-family places that go from say 230k-400k or go out of state and look for 75k places and go from there etc. Ideally I would go low as possible to have the lowest cost (in theory). I am looking for any advice and ideas. I have thought about mobile home units or lots too. Lots might be way to much I honestly don't know.

Thanks!

Chris