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Updated almost 3 years ago on . Most recent reply

User Stats

19
Posts
3
Votes
Monte Rice
  • Greensboro, NC
3
Votes |
19
Posts

Newbie with duplex looking to scale

Monte Rice
  • Greensboro, NC
Posted

Hi BP family, i am a newbie in RE and have acquired a Duplex using FHA. I am now looking to scale and get more rentals (preferably multi family) but I am open to SFR for use on Airbnb. What is the best way to scale? I wanted to refi out of my FHA loan from my duplex to go conventional but I don't know lenders will work with me even though I live in one of the units so its owner occupied as my primary residence. Any advice on what I should do next to scale? Also looking for any mentors or PLs that may be open to working with me.

Thanks in advance!

Most Popular Reply

User Stats

117
Posts
64
Votes
Jason James
  • Rental Property Investor
  • Hillsboro, OR
64
Votes |
117
Posts
Jason James
  • Rental Property Investor
  • Hillsboro, OR
Replied

@Monte Rice if you have 20% equity and lived in the property for one year, you should be able to refinance your FHA into a conventional owner occupied loan. I would suggest that you call more lenders, to find one that can accommodate.

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