Use an FHA 203K to buy a 3-4 Units Building for Fixing and Hold.

[Luis A Castillo]

Hi everyone,

We plan on using an FHA 203K to finance a 3-4 Unit building in the next six months. My wife and I are currently saving for this, which would be our fist deal. We aim for something that after fixing we can hold and refinance out of the FHA 203k after six months. We will work to get a deal with enough possible equity after the fixing and refinance so that so that we could use the equity, after refinance, as a down-payment for our second property (2-3 units) to hopefully move into with a low down-payment as our permanent residence. Any thoughts about this plan? Any recommendations? Let us have them; we are not sensitive.

-Luis