All Forum Posts by: Nick Mendez

Hi everyone, I'm 23 years old and I'm currently renting an apartment with a roommate with our lease expiring August 2022. I've come to realize I really don't enjoy living with a roommate and need to carve my plan to get out of here. Rent is only $600/mo and I make a bit over $3300/mo after taxes at my M-F full time job and with my business income. I'm able to save roughly 2 grand a month~ or so after expenses, and have almost 6 figures in various investments. I've been pre-approved for a loan and I'm eyeballing any properties in two different counties that are 2-4 units. However, I'm a bit worried if I'll be able to find a duplex/triplex/fourplex (there's not many in my area, but I'm going to work hard and try and get something going). My plan is to give myself till April 1st to find a 2-4 unit to purchase with an FHA, study the local market and if I don't feel like a 2-4 unit is obtainable by then, then I want to use an FHA to buy a single family house which I'd live in for 1.5-3 years while looking for a duplex/triplex/fourplex (I'd rent the single family house after moving out). I also really need to get a property of my own so I can start storing my own equipment for my business (I run a pressure washing/gutter cleaning/christmas lights business on the side in addition to my 9-5). My last option here is I could move out at lease expiry and get an apartment by myself until I could find a 2-4 unit place, but I feel like that's a bit of a gambling option.

To re-cap, my plan is:

1) Search for a duplex/triplex/fourplex and hopefully find something before March 1st

2) If no clear path/deal in place by March 1st, continue to search for duplex/triplex/fourplex as well as a single family house

3) Worst case scenario I could get a 1 bedroom apartment by myself (I really don't want to do this and want to start my real estate journey).

I'd like to hear some feedback regarding how financially sound this would be and what factors I should consider when going this route.

If I have a family member co-sign for me on an FHA, can I bypass the 2 year work req? I have 1 year 3 months of work experience and want to buy a duplex/triplex/fourplex and have been pre approved for a good loan. Only problem is I don't have long enough work or school requirements.