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Updated over 8 years ago,

User Stats

214
Posts
29
Votes
Carlos Rodrigues
  • Investor
  • Kearny, NJ
29
Votes |
214
Posts

First property on FHA loan, how to purchase second property

Carlos Rodrigues
  • Investor
  • Kearny, NJ
Posted
Good afternoon BP users! Let me indeed ice myself once again. I'm new to BP and the real estate business, and I'm currently sitting at a Barnes and Noble reading and learning the business to better myself. I'm also taking my 75 hours to get my real estate license. I joined BP because I'm planning to invest in real estate. I currently work in a corporate company as a electrician in the solar industry and I'm seeking future financial freedom. My plan is to purchase a multi family property and rent it out. I was trying to put as little money down as possible the 3.5% but I didn't want to commitment of keeping the property as my primary residence. My plan would be to live in the basement for about a year and rent out the other two floors, garages and rent parking spaces in the backyard. After about a year I'd like to move out and purchase a second property, again another multi family property. Now could I do this? How would I be able to do this legally? I would like to purchase the second property again with little money down with the 3.5% down payment. Could I have two FHA loans? Is there any different loan programs that could help me in such situation? What should I do? Thank you in advance, sorry this is all new to me. I'm reading real estate books and listening to BP podcasts. You can also guide me to a podcast and or other threads. Thank you once again!!

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