First property on FHA loan, how to purchase second property

[Carlos Rodrigues]

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!!

[Carlos Rodrigues]

Thank you Ian Reeves for your response! In the future of my second purchase on a $250k- $300k duplex I just might not have 20% either. And that is why I would like to know what I can do. I feel like I got the impression as you mentioned to get creative. It seems like I can get another FHA loan just like Angel M. did. Also you Ian Reeves mention that I could subject to finance, which I'm not to familiar with but I'll research and study on that a bit more.

Also it seems like to gain equity on a property and then use that equity to purchase another property I have to make the property gain value?...

Again thank you everyone for helping me out, looks like there definitely is a way to get a second duplex after my first duplex looks like I just need to explore more what's out there. If anyone has any past experiences on what they did that worked please if you're able to share that with me.

Thank you all BP users!!