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Updated over 6 years ago,

Account Closed
  • Bensenville, IL
1
Votes |
7
Posts

Condo, Duplex or Triplex and FHA Loans for investing

Account Closed
  • Bensenville, IL
Posted

I would like some guidance here. I'm thinking about getting a duplex or triplex in the next few years to live in and to rent out. I have no experience with rental properties and I've lived in apartments for most of my life. A family member of mine suggested that I live in a condo first to get a feel for what its like to have a mortgage and to learn and deal with everything that comes with home ownership before dealing with tenants. While I semi-agree with that, I would like to use a FHA loan for investment purposes and I know that if your name is on the deed for another property you cannot qualify for a FHA loan (unless I'm misunderstanding something.) I suppose I could live in a condo for some time and then rent it out. What would you recommend for someone who's inexperienced?

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