Hey, I was planning to buy a duplex while using an FHA loan pretty soon. To help pay for my second year of college. But I remember reading something about owning about 35% (I believe) on the property at the time you rent it out, I will not be able to get another loan until I have two years of landlord experience with that home on my taxes. For some reason I cant understand what that means . Can someone please explain this? And also whats a good amount to put as a down payment while using FHA loan to buy a duplex and still have a large amount of ownership on the house?
@Ben Boss When you are buying 1st property as primary residence you don't need landlord experience. You need 3.50% down payment for duplex.
@Harjeet Bhatti What do you mean as a primary residence?
@ Ben Boss When you will live in that property that's primary resisdence for you.
@Harjeet Bhatti Thanks!