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Updated about 9 years ago on . Most recent reply
What happens when I buy a home for myself??
Hello! I'm still a newbie and I'm starting REI by paying off my consumer debt. It's not a huge amount of debt, but I'm on a plan to have it all paid off in June. I'm trying to put myself in a better position when applying for an FHA loan to start investing.
I plan to keep renting as I build my portfolio and then purchase my own SFH for myself. Now, it's my understanding that there's only so many conventional loans a bank will give you and that's how I planned on purchasing my own home down the line.
Am I wasting time paying off my consumer debt for an FHA loan for an investment? Should I just head to a private lender? Say I go to a private lenders for all my investments, how will having investment properties effect my ability to get a FHA loan?
Just some things I'm wondering. Maybe investing will put me in a position to pay cash for my own home! :)