Any better scenario to pull out money that I am overlooking?
I bought a three flat for $415,000 almost a year ago to date. The rents were $850 each. I am on a FHA 30 year fixed at a 3.35%, with 5% down. PMI will never come off this loan due to the FHA loan I got at the time, and is aboit $275 a month. Total PITI is $2750 a month. After a year, 100k borrowed from my first building at about $300 a month, and a ton of work, the units rent fpr $1275, $1325, and $1375 (but I live in this unit). Also, added $400 a month in parking space rentals. The building is coming back in at $650k. I would love to find a way to get out of the PMI, or pay off the 100k quickly. Because my interest rate is so low, I am having trouble finding a way to make this work. Any thoughts or suggestions on things I may be overlooking? I want to hold it and not sell.