Greetings ladies and gentleman,
In the past 8 months my partner(brother) and I have bought two multifamily(fourplex)properties. The first property we bought in march at 317k and at the moment it has a value of 340k. The second property is another multifamily currently valued at 347k. The first property is under my brothers name and the second is under my name both loans are FHA. My question is the following, what type of strategy do you guys recommend to keep buying multifamily properties? Do you guys recommend conventional loans or what types of loans are available to buy with equity. Do you guys know any small credit union that allows to buy properties with equity or with no money down?
I am currently 23 with a stable job but looking to substitute my job for real estate in the future when the finances of the company are more than stable.
Since you guys are working separately with one FHA each the best option I have found is doing the second deal with Freddie Mac Home Possible which is 5% down with qualifying credit. As with the FHA this in a owner occupied loan so you have to live there a year. On the 3rd deal you should have built 25% in the first FHA so you can refinance into a conventional which frees your FHA up again. At this point you should have 3 cash flowing properties each and from there on out you should be able use to conventional to keep building deals.
Best of Luck!