How to finance second duplex.. or just have to wait?

[Matt Masulis]

Hi All!

I am here for a little advice today. We sold our house and are currently "house hacking" in our first duplex. We bought the building with a FHA loan and are living in one side and renting out the other. The person that sold us this building also owns the one next door and said he would be patient while we saved up to buy that one as well. My question is, is there a way to speed this up a little? We have been here since August and have saved half of what we need to buy the building but with the 6 months of reserves required ($30,000 total including reserves) it is going to be roughly 18 more months before we have enough to get a conventional loan for the building (20%, Closing & reserves). Surely there is a better way. Any thoughts would be appreciated.

Thank you!!

- Matt

[Austin Fruechting]

See if the owner will do a carry back. He'll still get the purchase amount minus the amount he carries back. Then the amount you would be saving up can go to making payments to him.