Getting the Second Property?

[Chris Perrin]

I just recently closed on my first property this month, things are going well so far. It is an FHA loan and I currently owner occupy it. The other unit is already rented as well.

I am currently trying to find another property to buy with a friend who also owns a multi family in the same city, also an FHA loan. Our plan, initially, was refi on his property, pull the equity out of it and use it to put the down payment on the next property, Then eventually do the same with my property once the seasoning period was over on my property. We were hoping to use another FHA loan but after about an hour an a half conversation with a loan officer, she told me that none of it would be possible. The FHA due to the owner occupant criteria. And that my partner and I would have to wait 9 months or so to be able to get a loan that would suit us.

My question, I suppose, after hearing an hour and a half of no's is, are there any other good options for someone trying to get their second property? Apparently our funds are tied up but we are looking to get a deal done in the next few months if possible to keep the ball rolling. Any other advice or recommendations as to how to get financing for the next deal would be greatly appreciated. Thank you for your help!