Newbie & 1st question

[Jon F.]

Hi to all!

Just wanted to throw myself out there and introduce myself. I am 23 years old recently graduated college last year and purchased my 1st property (3 units) one of the units I live in. I love the business aspect and discovered REI early 2012. I have a focus as of now to buy & hold with the open mind to new ideas and strategies.

I do have a question to all bper's out there. I currently have a FHA loan on my property and read that you can after 1 year of living there can move out, rent the unit and purchase the next property through a FHA again.

When I saw this and thought that didn't seem right or I'm missing some detail. MY question is when December comes around (since I purchased the property December 2012) can I move out, rent the other unit and apply for another FHA loan "without" having to do anything special (refinance) to the current property? Or is it that you need 20% equity?

My current plan is to purchase my next property (2-3units) in 2014 with the goal of purchasing 2 properties in 2014.

Thanks! And to this awesome helpful website!

Jon