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Updated over 6 years ago on . Most recent reply

User Stats

18
Posts
3
Votes
Tyler Martin
  • Rental Property Investor
  • Boise ID
3
Votes |
18
Posts

House Hack: What are the steps between purchase #1 and #2?

Tyler Martin
  • Rental Property Investor
  • Boise ID
Posted

I am about six months in on the first duplex "House Hack" journey, with an overall plan of refinancing my current FHA loan into conventional, and using FHA again for property #2. Pretty standard, yeah? I am finishing up rehabbing my side of the duplex, and looking towards my next step... and I am not sure what direction that step should be in. I am somewhat aware of different options I have, like working on paying towards principal to get to a place where I can refi, increasing property value being aware of appreciation, etc. But I have no clue on what path is best for me. So I really have two questions here:

1. Who would be my next person of contact to help guide me through this process? (LO, someone specializing in REI, a Yodaesque person who has all the answers?)

2. If you could go back, what would you have done differently to make your time in between properties shorter and more efficient to purchasing your next? I am only 6 months in and I am already well aware that this whole process is learning from the mistakes or missteps we make, and I am curious what you all may have encountered in your journey.

Y'all are rock stars!

Most Popular Reply

User Stats

47
Posts
36
Votes
Blair F.
  • New Orleans, LA
36
Votes |
47
Posts
Blair F.
  • New Orleans, LA
Replied

@Tyler Martin You can shop around and pick a completely new lender if you like. Whoever has good terms/good to work with. My advice is refinance while it is still your primary residence bc you can get owner occupy conventional loan rather than investment loan.

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