I am new to the site, and i love the way it operates. Ill make this short and sweet.
I am currently operating a 3 unit home and have been for a year (FHA). upon purchase i did some work which increased the value of the property by 80k (it was appraised). At the moment i am profitting 1300 a month off of this property (since i moved out 5 months ago) and am looking to purchase another. i am having a difficult time aligning myself to purchase again (cash, because i used my savings on the 1st home) i am considering refinancing it and being able to cash out with 30k or so. the problem with that is that it would put me back in another FHA loan which i dont want due to PMI and having to live in the property.
Its a good property and i really do like it, but it looks like i will have to sell the property just to start my real estate business.
Any ideas of how i could get into another property asap. i have little money saved, but here in NJ the market has presented some good deals. please assist.
are you able to get a HELOC on the property instead of going through a cash out refi?
not that i know of, i was told i could only get a heloc on a single family primary residence
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