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Updated about 3 years ago,
Starting REI Journey: Loan question
Hey BP Community! I'm just starting out my real estate investment journey and am planning to do my first house-hack this year with a duplex. I wanted to get your opinions on which loan strategy should I pursue:
Strategy 1: Put down 10% on an FHA loan, make some renovations, continue saving, look out for another good deal in the meantime and use remaining 10% that I would've put down plus some additional reserves on a second property. I would eventually refinance the FHA into a conventional once I've gathered 20% equity to get rid of the mortgage insurance.
Strategy 2: Put down 20% on a conventional loan, make some renovations, continue saving until I've made enough to purchase another property.
I'd be happy to hear any other feedback as well. Thank you all!