I am a new born baby in real estate investing. I am still on the process of learning how REI works. Have not read much books but I'm listening/watching podcasts from Youtube and been reading posts on the forum. I'm itching to buy my first house (I even dream about it!), but I have so many questions (I dream about them too like nightmares!).
I live in Norfolk, Virginia (to my neighbors out there please say Hi, would love to get in touch), and I think it is a perfect place to buy rental properties. Norfolk is a Navy base area and we have big hospitals and universities around. For my first property, I plan to buy a duplex and do a house hack. I have about 20K on my savings but of course I would not want to use up all of that. So I am planning on using FHA loan.
My question for this post is: When can I move out of the house to free up the unit for another renter? Also, when can I buy my next property? I've been hearing refinancing and HELOC and I tried to research more on it but those words still don't make sense to me. And what are the cons of refinancing?
I know its a lot of question but if you have time to answer please explain in elementary and numerical examples would be great! Hope to hear from you guys. Thanks in advance!
I think you have to live there for a year under an FHA loan, but you can only have one at a time, so you would have to refinance in order to use the FHA loan again. But I would talk to a mortgage broker or lender to get a better idea of what is the best option for you.
@Shirley Frias if you want to learn more about the house hack strategy, refinancing, HELoC- try Brandon Turners Book- the book on no and low money down. He explains these subjects in an easy to understand way.
Hey Shirley, I am an investor and real estate agent in Norfolk. If you ever want to chat or meet up, I'd be happy to do so. There is usually a BP meetup once a month. June's is on the first Monday evening of the month. You should totally come and get connected!