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Updated over 7 years ago,
Buying second multi-family property strategy
I am trying to get some strategy ideas for my second property, I thought I had a solid plan but it seems now its not so full proof..
I bought my first property a four-plex in March, and I am trying to figure out my next step and how to get ready for it when that oppurtunity comes. I got an FHA loan on the property which was 450k and put down 3.5% on it. It is in good condition but needs some cosmetic work. I am currently getting 875 per unit, all 2 bedroom 1 bath. I have updated the unit I am living in and will update the rest of the units along with some exterior stuff this year. I think after the updates I can get between 1k-1.1k in rent for each unit. After I have lived at the property for a year, I was planing on moving to an apartment and using the BRRRR method and refinancing my property after the rehab is done and using that to put down on my next property. From speaking to others and doing some research it seems that it will be harder to refinance than I thought with it being an FHA loan.
Can anyone give me some advice on what they think my next step should be and or what options I might have? My goal is to buy and hold my properties like I am with this one.
Any feedback is appreciated!