Financing a second property

[Hector R.]

Hello,

First post, so I apologize if this is two place to put this post. 

So I bought my first property with an FHA loan in 2019, I was luckily enough to find a below market 2-family short sale in north jersey. Since then I have put a lot of work into the house. I would like to implement the BRRR strategy, and buy another property to live in, and rent out the current one, I am planning to do a cash out refinance in the next few months, and then I would like to finance the second property using a residential mortgage, live it in while I rehab it. I would like to buy another two-family home, as I can used the second unit to help pay for the mortgage. However I was told by a lender I spoke with that I would only be able to finance a one family home. Is there any situation I can finance another two family using a conventional loan.

Thanks

[Rob Glasser]

Hey Hector, what @Vaughn Smith said is right, you should be able to use the future rents to offset your next property and help you qualify. one thing to note is you can't have 2 FHA loans at once (you can but under rare circumstances) so maybe the lender was trying to tell you that? let me know if you want to discuss further I'm curious as to why you were given that info