bestatit
New Member
Cash: $ 1.10
Posts: 5
Joined: 31 Dec 2012
Location: West Orange, NJ
|
| Investing In Real Estate |
 |
|
Hello,
I'm 27 about to turn 28 in February.
I bought an investment home multifamily (2 units) when I was 25 and had cash sitting on. I was in the process of remodeling it when my girlfriend dumped me and I went crazy. a 3month project took over a year because I decided to party and drink to get her out of my head. I live in jersey and holding cost alone cost me close to 40k. Upon remodeling I did the enter house over, central air, new plumbing electric, roof, kitchen the whole works. now the house is brand new.
Initially I started off as an FHA because i wanted to live there but when the project was done I decided it was too expensive to live there so I rented out both units. Now I'm making 1000 profit per month after expenses such as mortgage and water.
Now my problem is I want to buy another house but I only have 10k saved, I want to get a 200k house. Can I get another FHA, preferable not because i want another investment home.
Regards,
|
Wed Jan 02, 2013 5:56 pm |
|
|
bestatit
New Member
Cash: $ 1.10
Posts: 5
Joined: 31 Dec 2012
Location: West Orange, NJ
|
quote:
Originally posted by coaster
You said "started off" FHA; what's the current status of the mortgage on the rental?
still an FHA loan, but I no longer live there... after a couple years you can leave the FHA resident. don't have to "refinance" to another loan. also heard its possible to have more than one FHA loan.
|
|
Thu Jan 03, 2013 2:20 pm |
|
|
bestatit
New Member
Cash: $ 1.10
Posts: 5
Joined: 31 Dec 2012
Location: West Orange, NJ
|
quote:
Originally posted by coaster
OK, if the second is for your residence, I don't see why not, but I think the advice above would be good advice to follow. I'd suggest a credit union; they do lots of these types of loans.
sounds good I'm going to look into that.. I also spoke to an investor that told me about a "seller finance" option. So i did some research on it.
the fact that I only have 10k saved now sucks. So I am gonna try to offer a "partial seller finance" for 20% of the money to close the loophole for the down payment. Then I can finance the remaining 80% from the credit union.
What you think about that?
Now its just about how to persuade the seller
Regards,
|
|
Thu Jan 03, 2013 5:53 pm |
|
|
|
