Hello and thank you all In advanced!
I am 26 and have purchased my first rental property (duplex) this past August which I am owner occupying. I acquired this via FHA loan and put down 3.5% to have enough savings to cover several months of payment should anything happen.
Currently saving all of the tenants rent and setting it aside for any repairs that may come up in current home.
I am just trying to get some input about the best route to take next.
I am thinking about trying to get another duplex or triplex if possible. I believe my Debt-to-income is low enough to get a conventional loan. I believe in several months I could potential have enough for 20% down.
Some questions I have is will it be relatively easy to get a conventional loan while already currently having an FHA loan?
Will lenders want to see reserves for several months for the next property I choose to purchase?
Would it be more wise to try to get a private money lender and purchase a home to rehab and flip to have more cash to put down on next home?
Try BRRRR strategy?
Try wholesaling to get more capital?
I know it seems all over the place just trying to see what route others have done to continue to grow without a super high income job.
