FHA loan assumption and FHA 203k
Hello ladies and gents, I've got a quick question for ya'll.
I purchased my first house last October with an FHA loan and I am renting out two of the rooms. My total monthly payment is around $1010 and I collect $900 a month in rent. This certainly beats renting myself but I would like to make a positive cash flow. Had I to do it over again, I would have purchased a fourplex from the start. Looking at my current situation, I am considering having one of the current roommates/friends assume my current FHA mortgage on the single family home so that I wouldn't lose any money through closing costs etc. This would be beneficial for them as they wouldn't have to pay a down payment and would get a better interest rate. I would then no longer have an FHA loan attached to my name and I could purchase a fourplex and possibly do an FHA 203k on it to increase the value and have instant equity. I am trying to put myself in position to follow a similar game plan to Brandon Turner's seven years to seven figures outline.
I would certainly appreciate any feedback regarding this game plan or advice towards a better tactic. If it makes sense to do something else, I'm all ears!
Thanks again,
Robert Orion