Assuming FHA Loan's as portfolio building strategy

[Gualter Amarelo]

I just closed on my second investment property (a duplex) and should have it fixed up and rented hopefully over the next couple of weeks. My first property is a triplex and it cash flows nicely about $200 per unit. I have a good permanent job but definitely don't have the cash for another 25% down deal.

I have a partner who has agreed to purchase the next triplex/quadplex using an FHA owner occupied loan. This means we can buy the house with 3.5% down. (We will be using FHA loans since they are assumable and neither of us qualify for VA.)

Now I have 2 questions that will make or break this as a good strategy to keep using after this transaction:

1. Is there a time period that must pass before an FHA loan is assumable or can it be assume within a month from closing. If so what is the time limit?

2.If my partner is willing to use this strategy again, is it possible for him to get financing again using an FHA loan for the next owner occupied property. If so what are the time lines and limitations if any?

This most recent podcast with phil dwyer really got me thinking about this strategy as something worth trying and asking about.