Purchase a 4 Unit Multi (FHA) then buy 4 Unit Multi (Conv.)
This is my first forum question since I've been a member, so thanks in advance. First off let me start by saying I am a licensed realtor in PA and the properties will be purchased in PA. I am looking to purchase a 4 unit multi with an FHA loan. I know I am supposed to live in it, but I probably wont. After I make this purchase I would be looking to purchase another 4 unit with a conventional loan, with the intent to live in this unit. This is where my questions come in...
Is there a time frame after acquiring the FHA loan to wait to go conventional?
If I occupy this second multi, can I use a 5% conventional loan?
Last off, is this scenario possible?
If not any recommendations to acquire 2 multi families in this fashion with fairly no money out of pocket. The FHA purchase would almost be no money if I roll in closing costs and add my commission. Same with the 5% conventional. I've figured less than $10K to purchase both multi families with this strategy. Thank you!
