I just purchased my first home to house hack a couple of months ago which was tough because of my debt to income ratio along with the fact I dont make more than 40k a year. With that being said what would be the best way for me to get a second property so I can rent out the first one in full? Please give me some tips because I am looking to buy as early as I can next year :)
How long have you been in your current house hack? You have the otherside renting and cashflowing? You might be able to buy another duplex, triplex, or quad on a new FHA loan and move the house hack to another property with only 3.5% down. THEN ... move and rent your old unit out.
Have you tried Fund&Grow? It is a salty sign-up process ... but if you have good credit you could pull down $40K - $60K of business credit which can be used to close on another property.
You could also consider hard money lenders.
Its actually a 3 bedroom 2 bath home so I am am renting out by room so I actually come out of pocket for the mortgage at $28 a month. I purchased it back in August so wouldn't I have to wait 2 years to do it through FHA?
For Fund Grow where can I get more info on that because I actually have not heard of that.
Thank you so much for the advice!