Currently house hacking, how do I move to my next Multi family

[Joel Cruz]

Hello everyone! I want to thank everyone ahead of time for taking the time to respond my post. 

I am relatively new to bigger pockets.  I read a ton of content on the internet but this place is a one stop shop for information. I Found out about house hacking via bigger pockets... and boom 4 months later found a great cash flowing deal and now living rent free. 

The problem is that I think I reached a credit limit with just this one 3 unit property... how do I transition to the next multi family without some how doubling my income to qualify for more money?  I feel that there are several deals around I want to take advantage but I need the higher limit to get in on them. It's hard to sit and stare opportunity in the face. 

Am I being too impatient? Can any one share how they transitioned from a multi family FHA loan to their next property?

I appreciate any advice, thanks again for your time!

[John Warren]

@Joel Cruz I often tell my clients not to use FHA for the first deal. The best 1-2 punch is to use a 5% down conventional loan to buy a 3 or 4 unit. From there, you can use your FHA loan to purchase the second property.

In your shoes, I would refinance the first loan into a conventional loan as soon as you can. This will free up your FHA loan. As long as your first property is cash flowing well, you should be able to go house shopping around 6 months after you purchased the first property.