I am 29 have little money saved want to continue renting my home to use my FHA to buy an investment or at least get a decent loan so I can have a chance of making money. Would like advice on the correct way to go about this process Possibly looking for a foreclosure deal as I've read they can be bought cheaply opinions on this?
The issue with an FHA is that it needs to be owner occupied for at least the 1st year. You can house hack (either with a SFR or a multi), but you need to live in one of the units.
You need to owner occupy for FHA loan. Keep in mind this does not have to be forever..
@Sean Buffington as others have said FHA requires you to occupy the property for a while. In regards to foreclosures, they can be more difficult to purchase and depending on your market they may not be significantly cheaper than other properties. Also keep in mind that they may be less likely to qualify for FHA due to needed repairs.
@Sean Buffington well I still rent and own several rentals. You really just need to up your savings amount. That’s by far the easiest way
Thank you very much for the advice I am currently reading “set for life“ and am working towards my first 25k
Haven’t read that one yet. I need to finish up the new note book first.