FHA Mortgage Approval What Next?

[Joseph Sanchez]

Hello Everyone,

I need some advice. I was just preapproved for a FHA or Conventional Mortgage through BOA. The mortgage amount is 130k and up to 275k. The bank rep told me I needed to show proof funds in the amount of 11k. That figure was based upon a down payment of 3.5%and the applicable closing cost. She also said that with a FHA mortgage I could do a seller concession of up to 6% which would reduce the funds needed to get approved. My questions to everyone is what is the best way to use this mortgage in terms of a real estate investment. My stragety was to buy and flip, but due to the seasoning requirements (12 months) I must buy and hold. Does anyone have any suggestions or strategies I should be using to quickly build on working investment capital. Thanks

Joe