Looking to buy 2nd duplex

2 Replies

Hey Everyone-

I purchased my first duplex with an FHA loan and am currently house hacking (about 6 months in).

I’m not living for free. But pretty close. And I’m paying much less than I would if I was renting.

I’m looking to grow my portfolio and pick up another duplex that will cash flow. With that I will be truly living for free and will have extra money to make improvements, save, etc.

My question is; what would be the fastest way to acquire another property? Refi to a conventional and FHA again? Hard money lender? Any advice is appreciated. Thank you in advance.

You can do a cash-out refinance to pull the equity out of your current property in order to fund your next. Depending on your credit score you would likely be better off with a conventional loan for your next property due to not needing to carry mortgage insurance for the life of the loan (i believe this to be true but someone may be able to confirm), and also you can put a bit less down on the loan (3% for conventional vs 3.5% for FHA). Hope that helps.