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Updated over 4 years ago,
Buying multiple rental properties at once.
Hello BP,
I am pre-approved with $200k max FHA loan because I only make $2600 monthly income from my 9 to 5 job putting my mortgage payment at about 50% of my monthly income. I have $20k in savings. I am thinking of buying owner occupied duplex or 4plex and house hack putting down 3.5%. It's been really hard to find a duplex/4plex that meets the 1% rule in the city I want to live in with my family (our jobs and school are in this city). I started thinking about buying investment property that meets the 1% rule in other cities in my state since my $20k savings can buy a $80k-$90k house with 20% down and I will rent a house to live in with my family in the city I want to live in. Can I buy two $80-$90k rental properties with 80-10-10 loan? What can I do at this point to maximize my situation? Please share your experience. Thanks BP