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Updated almost 6 years ago,
Condo hacking, mortgage questions
A year ago I bought my second condo with 5% down. My first I put 20% down. Ive claimed residency, lived in the second condo and fixed it up in a year. Currently have a roommate. My goal is to continue this trend of buying claiming residency, fix up, get a roommate, save up and buy more condos with little down and rent out the previous condo.
I have a friend who owns a brokerage firm and he is saying that a conventional / fannie mae loan wont work due to lateral moves. Meaning i can not keep on the trend of putting little down then moving out in a year. What am I doing wrong/ right in order to buy more properties at this rate.
Any advice is helpful.
Thank you!