Buy and hold strategy when dealing with lenders

[Jaime Ruiz]

Greetings!

I am somewhat new to investing. I first bought my first rental turnkey using a conventional loan. My second deal was a flip that went bad. I was still able to flip it, but lost about 10k on this deal. BIG lessons learned. My primary home then became a rental after i moved to be closer to work. That was a foreclosure that we picked up back in 2008. Looking back it was a long live in flip. And now i am working on what might be a third rental.

I wanted to reach out to the community and ask about my dilemma. I recently reached out to one of my lenders to get the ball rolling on a new loan. My strategy was going to be to buy a property as a primary residence to live in. I had heard that if at least you buy one property a year and accumulate 10, this would be a good strategy to gain cash flow passively. So i figured i would go at it. This same lender provided an FHA loan for me and my family. I had used this lender once when at the time i lived 40 miles away from where i worked and i really wanted to cut down the commute. So my family and i decided to purchase a home closer to work. We decided to keep first house as a rental. A year has passed since i moved closer to work. This is where the dilemma begins. Apparently my lender says that there is a great chance that the underwriter will not give me another low down loan as a primary residence since it looks like i am an investor. It appears like i am taking advantage of the system. Am i doing something unethical?