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Financing Tips for a 2nd Property
I currently own a duplex that I used a conventional loan with (0% down). If I wanted to buy an additional property this year, what would be the best financing option and how should I go about it?
I was planning on purchasing another2-4 unit property using an FHA loan and moving out of this one to house-hack the new one.
What obstacles would I face if I went this route? Would there be any debt issues associated with my current duplex that would keep me from qualifying for an FHA loan? Would I be able to use an FHA if I'm still living here since I do "intend" on moving into the new one?
Also, I’d you have any other finance strategies I would love to hear them. I’m a little limited on capital but I really do want to add another property before this year is over. Thanks!