My name is Zach Chappell, and I am a 27 year old from Madison, WI. I have casually invested in stocks and such since I graduated college in 2011, and am now ready to take the leap into real estate investment. I have enough saved for a healthy down payment.
My question is with regard to the concept of "house jumping", which I have seen referenced from time to time. It is apparently a method of acquiring several multi-families with lower downpayment costs.
Would anyone with experience in "house jumping" be able to give me a comprehensive rundown?
Thanks from a newbie,
House "jumping"? Are you sure you don't mean "house hacking"?
Likely, they are referring to.....buying a 2-4 unit property with an FHA loan down payment loan, living in it as required, then doing another. Problem is you can only have one FHA loan at a time, without some legit reason like having to move for a job, etc. You can refi out of the FHA when you get enough equity, and then buy another one after a certain amount of time, assuming you qualify for multiple mortgages. Step 1 is to talk to a good FHA lender to find out the current restrictions, timelines, qualifying criteria, etc.
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