Advice for buying 2nd property

[Charyl J.]

Hey Everyone!

I'm still new to REI. I'm focusing on buying and holding. I have one property that I'm house hacking and doing the BRRRR method for. I'm in the process of doing a cash out refi. Closing any day now. So I'm making plans for my next property and would love to get any advice you all have for me.

I will be looking for either a single family or multi family house to move into and BRRRR and house hack again. I'm leaning towards a conventional loan, but I'm curious what you all would do if you were in my shoes? I plan on holding and renting out my current house.

Also I'm in Kalamazoo MI and would love to network with some local people. If there are any wholesalers out there I'd definitely love to get in touch! Thanks everyone!!

[Connor Anderson]

@Charyl J. Hi Charyl! Fellow house hacker and investor. I work with a lot of clients in Kalamazoo too.

If you go the multi family route I would suggest going with an FHA loan. Reason being is you can put 3.5% down. If you do conventional for multi family house hacks you are required to put down 15% down.

If you go single family I would suggest doing 5% down conventional. That way you don’t tie up a ton of cash but still have a little equity.

Best of luck and let me know if you would like to connect!