Long time BP follower, first post! Finally getting started with the process of my first investment.
Background:
-Near $100K saved up
-Have a great full time job I will keep
-Plan is to own multiple rental properties in next 2-5 years.
My plan so far:
For career/family reasons - my plan is to first buy a SFR that will be our primary residence. Much of our career work requires a big backyard that we can customize to our needs, and thus why starting with the primary residence seems to make more sense than a multi-unit house hack strategy (where we wouldn't necessarily want to build our dream yard since we wouldn't stay more than a year).
Wife and I are considering adding a 1br/1ba structure to the yard to use as an Airbnb - to take away some of the mortgage payment burden.
For this first purchase, I want to use FHA or similar low money down financing for the SFR so I can save the majority of my cash position for a future multi-family residence purchase (within the next 12-24 months ideally). I would rent out the multi-family to start generating some passive income. Thinking it might make sense to re-fi the SFR to do that, or potentially have enough cash available for a traditional down payment on the 2nd purchase.
My question is: am I missing any potential red flags or considerations in this scenario? It makes sense in my head. But I know people start with the house hack first, and then leverage that to buy their primary residence. So I'm doing it a bit backwards. But I think I have the cash to do so.
Any and all insight is appreciated!
