Updated over 9 years ago on . Most recent reply
FHA home, need advice
Hi, I bought my first home with an FHA loan in April 2015. It is a split level home. The house needed some work and still needs to be updated but the house is built well and looks fine inside. I added a kitchen and room in the basement and am currently renting the basement out as my wife and I live upstairs. I have no debt and about 4 months of savings for my emergency fund. I bought the home for $305k and similar homes are selling for about $385- 395k in my neighborhood. With that said, I would like to get advice on how to best handle this property. I have thought about selling it but my goal is to buy and hold rental properties. However, it seems that if I sold the property I could get capital to start investing and still have money for a primary residence as well as investment money for something else. If I was to keep my home as a rental, how could I get in position to buy another rental property with no money for investment? I live in Loudoun County. Thanks.