Options on getting more properties?
I just recently bought my first 2unit via fha loan, and i want to start building my rental portfolio early next year in 2020. I recently talked to my loan officer about my options and he said that i wouldn't be able to get another fha loan and that the next property i buy i will have to put down 20-25% i only want to invest in multi-units for now since it's how i started and want to continue to grow that way. I don't really have 20-25% to put down on a property and i looked into refi and/or doing a HELOC but i saw that one of the requirements is not having any late payments on your existing loan which i do due to loss of a job. Is there any other way? I know partners are also a great solution but it's hard trusting other people especially since i have already been hurt by a business partner before. Any info or advice would help.
I was just about to post the same question. Id love for someone to help out. Im hoping to close on my first house in the next 60 days (sending offers) and after that deal is done ill be down to about 30k after repair cost. I want to leave that money for emergencies and such. Any suggestions on how i can continue my real estate journey?
Thanks,
@Whitney Moses how recent was your late mortgage payment?
@Jenny Sayavong I had to get on a repayment plan because i fell 2 months behind.
Next investment property you will have to put down 20-25. What you could consider doing is living in your current place for a year, then put a tenant in your current unit and buy another owner occupied place. That way you could potentially qualify for FHA or conventional. In another year, you could do the same thing.
@Whitney Moses
After 12 months you can get another FHA owner occupied loan. Just need to move into 1 of the units on the new property. It's called house hacking, good luck and keep growing.