I am very new to REI and would love some guidance. A little bit about me: I graduated a little over a year ago and recently purchased my first home to house hack (I currently live there). I used an FHA loan with 3.5% down and have renters covering the full mortgage.
I am curious on where to go from here. Is there a way to apply for another FHA loan (with only 3.5% down) if I want to move into a new house and keep my current one as a rental? Or will I just have to save for a 10-20% down payment for my next investment? Looking for other options/ideas as well.
You can only have one FHA loan at a time, and they are supposed to be owner occupied.
You can get a HELOC and use your equity in your current property as a down payment on the next one.
Best of luck!
I would aggressively pay down the mortgage, stabilize the property, and hopefully gain appreciation. Honestly you need more equity in the property to make the next move.