Purchasing my second multi family property

[Corey Law]

I purchased my first property on an FHA loan a couple years ago, a 3/2 & 1/1 duplex in St. Petersburg. Now I am wanting to house hack my second multi family property. But I am not sure what my best option is. Should I refinance my first property into a conventional loan then apply for another FHA loan on my second property?? My goal is to have another property this year.

[Austin Steed]

Don't refinance, unless your loan is above 5%.

If you refi into another Owner Occ loan they would want to see you stay there for a period of time, from my understanding.

You've done your time. Get an owner occ conventional loan. That should be 5% down. That's what I'm seeing in Columbus OH atleast. 

Even a better point ask for a credit on the HUD so that seller will pay for some of your closing cost. That should make your required cash to close around 4%.. 4%!!

Just make sure it cashflows, WITH an expense ratio.

Best of luck