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Updated over 1 year ago,
Multifamily, Brrrr, or Fix and flip
I bought my first home as a primary residence as an easy fixer-upper. I have been house-hacking it the entire time I've owned the property as well. The Property value and loan paydown have resulted in 27k of equity built in. I currently only have about 12k saved up for my next investment property. My question is, should I be searching for a multifamily as I still have access to my FHA loan and could potentially utilize a 203k loan to remodel the property and continue to live at my current residence while it is being remodeled? The only issue I'm running into is my debt-to-income ratio is thrown off due to my current residence and usually disqualifies me even after using 75% of the projected income. Are there different strategies I should be looking at. Or do I simply need to wait and continue to build my nest egg? Any help would be appreciated.
Thanks