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Questions about purchasing second property
closed on my first property in September of 2013. It's a triplex that I am living in the lower unit of and renting the top 2 for 650 each. Paid 118000 for the property with 5% down and interest rate of 4.625 FHA.
I only intend to live in it for the minimum allowable by law although I did get the 1-4 family rider.
I would like to keep it and rent the lower unit for around 800 per month for a total of 2100 per month and the mortgage pmi insurance and taxes comes to 937 per month, so it cash flows.
I believe the value of the home will have increased dramatically as I put in a lot of work to the house. The entire lower unit was gutted. Flooring and all and now it has new carpet pergola laminate and tile.
My question is how should I go about getting funds for a down payment for property 2? I do work a full time job, but intend to transition into real estate in the next few years. At least part time. Thanks in advance.