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Updated about 3 years ago,
FHA loan use for rentals/primary residence
So I've done some research but I have a few questions regarding FHA loans. I currently am saving money for a downpayment(I don't own a home currently). I intend on purchasing a home then living in it for a year and then if I understand correctly I can then purchase another home using an FHA approved loan assuming I live in the new home for atleast a year. This would allow me to purchase a new property every year or 2, granted I'd have to live in that new home for atleast a year and that would allow me to rent out the old property. From my understanding this type of loan also applies to duplex's and even triplex's as long as I occupy one of the units for atleast a year. Any advice or input on other strategies would be appreciated. For reference I live in Central FL, I am 21 so I don't need to get a lot of properties fast using crazy risky methods or anything, also don't have any interest in buying larger properties with partners.
Thanks for any input