Hi everyone my name is Peter, I'm new to this & working on educating myself to become a real estate investor. We just got pre approved for 300k max FHA loan with. 3.75% interest rate & looking for an investment property to rehab, will have 203k loan attached . I prefer to purchase either Triplex or 4plex however, according to my mortgage broker, we won't qualify for government payment assistance for the down-payment unless it's a single family or duplex. So based on the current market condition, is it better to get a single family or duplex? My goal is to fix it up to gain some equity while having the benefit of Cash flow to live for free . And @least 1-2 yrs I will refinance, convert it to conventional loan use the equity to purchase another investment property as an FHA loan since my 1st property was converted from FHA to conventional. Is this a Good plan or there's a better way? Like, still go for Triplex or 4plex & raise the money for the down payment? . Any help or suggestions will be appreciated. Thanks everyone God bless!
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