Condo hacking, mortgage questions

[Collin Sharf]

A year ago I bought my second condo with 5% down. My first I put 20% down. Ive claimed residency, lived in the second condo and fixed it up in a year. Currently have a roommate. My goal is to continue this trend of buying claiming residency, fix up, get a roommate, save up and buy more condos with little down and rent out the previous condo.

I have a friend who owns a brokerage firm and he is saying that a conventional / fannie mae loan wont work due to lateral moves. Meaning i can not keep on the trend of putting little down then moving out in a year. What am I doing wrong/ right in order to buy more properties at this rate.

Any advice is helpful.

Thank you!