Current house hacker that is looking for second property

[Michael Dallas]

Hey I am currently in my first house hack. It is going great and I have caught the real estate bug! Now I want to buy another property and house hack that as well so I only have to put 5% down again. I have only been living in this current property for around 4 months.  What are my options regarding moving out of this house and into another? Thanks!!

[Andrew Postell]

@Michael Dallas thanks for the post and congratulations on your first property. Only 4% of Americans own 2...so you are half way there! First, just in case it matters, you can 100%, absolutely have 2 FHA loans. There are rules to it, but it is possible. Second, when you purchase your current property you pledged to live in the property for 12 months. Now, mortgage understand if you get transferred across the country, or if your family grows in size...but outside of a "significant life event" you will need to continue to occupy that property for the remaining time of your agreement. Once you get to the 10 month mark you can start shopping for a new home. There are lots of people that just buy another primary home every 1 - 2 years and have several properties. It is a strategy that works so stay on track and you will be fine later down the road.

Thanks for posting!