Am I buying my first home or second?

[Ryan Arsenault]

Hi BP Community, 

I am new to real estate and am spending most of my time right now researching, learning, and networking as much as I can while working a full time job. My full time job provides pretty good flexibility so I'm looking forward to starting my new RE career. 

My question....my girlfriend and I bought our first home back in September of 2020. We put down 20% and borrowed some money from family. Part of the deal with her family was that I am not on the deed until they were paid back since they put up a good chunk of change for us to get to 20%. Well now they are paid back and I can go onto the deed for our personal home. My question is, should I hold off getting put onto the deed so I can take advantage of an FHA loan for a rental property? I also do still have some student loans, will I still be eligible for an FHA?

Any and all advice is appreciated! Looking forward to hearing some responses. Thanks everyone and have a great day!

-Ryan

[Ronald Allen Barney]

To get FHA it will have to be a primary residence. Once moved into the new home you can get on the deed for the current one, assign it to your LLC, and then rent that one out. You can use FHA multiple times in your life but only one loan at a time can be FHA, so one strategy is to refi out of FHA before moving on and using FHA for each new door. Downside to that is you have to move each time, but if cash is an issue for you starting out, that makes it an easier path into cash flowing assets.