Approved for 350k

[Jerell Edmonds]

Hello everyone, I have a quick question. I am looking for a (LTR) in my area and then to expand out of state for my next one. I currently have been approved for a loan of $350,000, but it is not enough for a multi-family home in this area. So, I was wondering if it would be best to buy a (SFH) and then rent it out fully after a year. Then, I would use a conventional loan for my next house, hopefully a multi-family. Any advice would be greatly appreciated."

[Kenny Smith]

@Jerell Edmonds

I am sure you are aware, but you'll have to put down 20-25% for an investment loan.  If you're just starting out and open to it, I'd consider house hacking.  You can keep putting as low as 5% down for an owner occupied loan as you build your portfolio..leveraging your money as best as possible.

Best of luck!