So I closed on my triplex 2 weeks ago in the Philadelphia area and I want to buy another 3/4 unit next year. From what I read online FHA expects you to live in your house for a FULL year before you buy another primary residence property. My strategy was to start acquiring 1-2 properties a year and I want to buy my 2nd multifamily May/June 2017. I just closed on my house Dec 4th 2016 so that doesn't meet the year qualification and I don't really want to take out a business loan and pay 20% down. Has anyone bought there first primary residence under FHA and then a follow-on primary residence in less than a year? Or what other loan options should I look into that require minimal down payments similar to FHA or conventional primary home loan? My job salary should support at least up to 4 mortgages and the target property value I am for is $100k for my multis.
Any and all suggestions I am more than open to look into and research.
Thanks!!
