Strategy for using FHA loan

[Casey Blakely]

Hello BP!

I have a question in regards to a strategy I'm researching to begin investing in real estate.

I'd like to purchase a condo in downtown Atlanta to use for short term rentals/vacation rentals. After 8months-1year, I'd like to purchase a multifamily/ duplex where I'd live in one unit and rent out the other unit.

I would ideally like to purchase the multifamily using an FHA backed loan. My question is can I still qualify for an FHA loan if I already purchased a condo in my name?

It that were an issue, then would it be better to purchase the condo in my business name instead?

Or would it be a better strategy to purchase the multifamily using FHA first, and then purchase the downtown condo second?

Thanks for any and all feedback!
Casey

[Casey Blakely]

Thanks for the responses!

I plan on purchasing the condo with a conventional loan, but purchasing the multifamily with FHA. But now I'll definitely look into Fannie Mae Homeready loan. Thanks @Russell Brazil!

@Mark Kozik I will definitely be in touch with you as my plans become more finalized. Thanks for reaching out!

@Wayne Brooks that's exactly what I wanted to know in regards to my ability to get the FHA loan. Thank you!