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Updated almost 2 years ago,
First FHA loan Duplex Hack - what’s next?
Hello,
I finally purchased my first duplex using a 3.5% down FHA loan. I'll be living in one unit, having a roommate paying me rent in my personal unit, and also renting out the other unit. I'll be profiting a few hundred dollars after paying the entirety of the house payment and when I eventually move out in a year, the property should cash flow nicely with both units rented out.
I'm curious for ideas on how to acquire my next house hack with as little money down as I can get away with since the goal is to buy a property a year from closing on this duplex I just purchased. I believe I could purchase an owner occupier single family home for 5% down and just get a bunch of roommates. I'm thinking anything multi family will require a minimum of 15% down. Not sure if 203k loans are considered FHA loans since I know they're intertwined, but if they're not, that could be a great option. Any ideas I'm missing? Curious what others have done in similar situations.