Beginners aid Hi Ryan,
It sounds like you are going through the initial confusion that comes along with the first deal. I was just there...8..9 months ago. Based on your post, it sounds like the primary residence option will work for you. Are you currently renting a place now? (I only asked because you did not mention any proceeds of selling your current house and you brought up the FTHB loan) If this is the case, I think the FTHB loan would work for you. There are times people put minimal amounts down...such as 3.5%. Unfortunately, my first investment could not be my primary because it was in an entirely different state. If I could have gotten the FTHB loan, I definitely would have taken advantage of it because logically it makes sense. The only recommendation I have for that strategy is....dont buy as a "resident" of the house. Keep in mind that this is more of an investment property than your dream home. Although you will be living in the place, I would simply say..ELIMINATE all emotional attachment to the house when you buy and focus on the cashflow you will receive upon move out. Secondly, the multi family vs the SF fixer upper is all preference. It is no right or wrong answer. Would you rather buy a place that you can gain experience as a landlord by finding/managing tenant for additional unit (multi family approach) or gain experience on flipping a house (SF flip approach) ? Either way, decide and move on...
Link up with a mortgage lender and start talking about the minimal qualifications to getting the loan. That is the only way to know if YOU qualify because everyone's situation is different. If you still have some anxiety, I posted a link to one of my posts that I wrote for the beginners waiting to pull the trigger. It may level you out a little....GOOD LUCK!
