Refinance an FHA loan on a multi family for 5% down?

[Samuel Carmichael]

Hi Guys, I recently met someone who has 25 properties and I was telling him about my strategy to house back into a few multis. He basically told me once my 1 year FHA is up, as long as I bought the property right and had a little bit of wiggle room - I could refinance for 5% down. This getting out of my FHA loan and into another FHA loan rather cheaply. Is that feasible the 5% down, even if you don’t have a 20% LTV position built yet?