Updated over 10 years ago on . Most recent reply
Getting financing for my third property - 4plex
I'm 24, and own two properties in CT; both with significant equity and looking to buy a third. The first property is a SFR purchased in 2013, worth approximately $220k (Per 2yr old appraisal). I owe $100k on a 30-yr fixed FHA loan (2.75%), and $31k on a $45k LOE (used for down payment + repairs on 2nd Property). {Gross Annual Profit: $6K}
The second property is a 9-unit "boarding house" which was purchased in 2015 and it is worth approximately $140k; I owe $50k on a 5/1 ARM commercial loan (4.375%). {Gross Annual Profit: $9k, with room for improvement}
Trying to finagle things the best I can in order to purchase a 4-plex on the market for $189k. The best solution I could think of is to re-finance the 1st property as a conventional loan and then purchase the 3rd property as a owner-occupied FHA, in which case the $14k on my LOE is more than enough. Any advice or suggestions would be appreciated.