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.
Yes you are right.
I wAntes to hold on to this assrt if possible, but it looks like a sale would really help me advance
You could always look towards refinancing with commercial financing. This would allow you to refinance without living in the property. While commercial financing would carry a higher interest rate, being able to cash flow an additional unit would more than make up the difference. It will also give you the cash out option so that you could purchase your next property. If you have any questions on the process feel free to send me a PM.
Richard Jeffries, Next Generation Management and Consulting LLC | [email protected]
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