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Updated over 8 years ago,
What is the next step?
I am under contract for my first duplex. I own a single family home right now. The loan for the duplex is FHA with 3.5% down. I am wondering when I would be able to purchase another multifamily. People say you can't have two FHA loans with 3.5% down. I wanted to get the ball rolling faster than this. I see now, when I am two weeks away from the closing, that I could have bought a 4plex instead of a duplex and be making more money. Everyone says that it's good to start off slow in real estate in case I get a tenant that doesn't pay and then I can afford my bills but I feel like this will be slowing my progress and then I feel like it would take three years to buy another house. I was hoping for the turnaround to be quicker. What should I do? Can I get out of the duplex deal and pursue a 4plex or should I just stick it out and wait until I have enough equity and then get a 4plex.