Advice on what to do after first property?

[Hayden Moeller]

I am getting close to closing on my first real estate investment! It's a duplex and I will be living in one side, renting out the other. Used snd FHA to purchase with 3.5 down and obviously have to live there for a year. So my question is what's the best strategy for me during this year to work towards my next investment or possibly and investment before that year is up? I understand I can't continue to go from one duplex to the next using an FHA because lenders wouldn't like me hacking the system. Just a question I had.

[Jaron Walling]

@Hayden Moeller Well if you're like me you only a few options:

1. Maximize the rental income from tenant and save for a 20% down payment (conventional loan). 

2. Rehab the duplex, your side first, the other side later, refinance, use the cash for a new down payment. 

3. Rehab the duplex and flip. Invest the money into another deal. 

4. Do nothing, repair as needed, and bank on appreciation (worst idea).

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All of these scenarios take at least 12 months and some cash from the 9-5 job. 

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5. Win the lotto, nothing I said matters.