Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 11 years ago on . Most recent reply

User Stats

243
Posts
57
Votes
Justen Ashcraft
  • Braselton, GA
57
Votes |
243
Posts

Questions about purchasing second property

Justen Ashcraft
  • Braselton, GA
Posted

closed on my first property in September of 2013. It's a triplex that I am living in the lower unit of and renting the top 2 for 650 each. Paid 118000 for the property with 5% down and interest rate of 4.625 FHA.

I only intend to live in it for the minimum allowable by law although I did get the 1-4 family rider.

I would like to keep it and rent the lower unit for around 800 per month for a total of 2100 per month and the mortgage pmi insurance and taxes comes to 937 per month, so it cash flows.

I believe the value of the home will have increased dramatically as I put in a lot of work to the house. The entire lower unit was gutted. Flooring and all and now it has new carpet pergola laminate and tile.

My question is how should I go about getting funds for a down payment for property 2? I do work a full time job, but intend to transition into real estate in the next few years. At least part time. Thanks in advance.

Loading replies...