first time buyer starting with 2 family not so great neighborhood

[Fabian Galeano]

Hello to everyone great to be here , my question is I hopefully will be purchasing very soon a 2 family duplex from my landlord which will be retiring from landlording soon and have been after this home that is next door to us (he has several properties) for about 2 years now. The numbers seem great from what I have been trying to understand. Purchase price is 325k/ monthly income from both units is $2950/ complete mortgage will be around $2250 / cash flow will be some where around $500 after water and vacancy etc. I will be purchasing with a long time friend as an investment and my question is how long do I have to wait before I can obtain another mortgage for a single family with rentable in law space in a better part of town for our daughter mostly, keeping the duplex as rental , with my wife as co signer on single family if I purchased the 2 family with my friend on fha loan already. I hope this is not confusing, my agent said in a couple of months but I want to make sure this info is accurate?

[Joshua Hollandsworth]

I am sure you will be fine. However, they generally want to see that you have been managing that rental for atleast a year or so. If you buy the rental and 5 months later buy a single family, there maybe some bumps but you will be able to get through it. Good luck!