What to do after youre first house hack?

[Jackson Smith]

Hey all! 

I'm looking to acquire my very first investment property where I live in Salt Lake City and I'm looking to find a property with a separate apartment of some sort or a duplex. I'd love some advice from anyone that started real estate investing with house hacking and how they moved on to other their 2nd, 3rd, and 4th+ properties. How did you finance those deals after you put money into your first property? Did you house hack BRRRR? Or did house hacking allow you to save enough to pay for the next deal quickly? I'm planning on doing a low down/FHA for this first property, and Ive heard David talk about getting a new house hack every year. I'd just love some advice on more details of that strategy. Thanks a bunch!

[Daniel Beckius]

@Jackson Smith! 

First property you can utilize Max Financing which would be 3%, 5% down conventional or 3.5% down FHA.

After a few years you can buy a 2nd property with either FHA (if you didn't use your FHA loan) or Conv 5% down. Easy to underwrite when you got from a duplex to a single family.

Then you can buy second homes for 10%-15% down but it has to be somewhat of a distance away. 

Also, if you have a girlfriend, fiance (not married) you can use them for max financing as well, separate to yours. 

If you have a lease agreement on your past residences the lender will use 70% of the gross income from the lease you provide towards your income.