Purchasing multiple rental properties using FHA
Hey BP family, as I stated in my goals, im trying to figure out how to build a large portfolio of rentals (for rental income of 5k+ monthly)in the NJ/NY area.
My situation; I've been making 40k a year for the past 3 years (steady job)
-this coming July I will hit 2 years since bankruptcy (so I should be fine in that aspect)
- I have about 15-20k liquid cash
-credit is slowly getting better at 620 now
So this summer I'll officially be looking to purchase multi-family home in NJ area, I picked NJ cause a lot of REO dupelx/triplex are going for under 150k. I guess the reason is the area is not so great BUT there are some beginning signs of gentrification. my questions;
-How can set my self up to for purchase additional property after my first purchase?
-how many times can use a FHA loan (I plan to live one of my units)
-Should I ask FHA for additional funds on top on the mortgage to cover unexpected cost?
-can own all the proprieties my self or do I have to partners with other investors ?
-should I use Section 8 tenants since it give more of a guaranteed cash flow
-should I try and do two closings at the same time ?
Any insight, opinions, links, suggestions are all welcomed, thanks everyone !