Maybe buying Primary home FHA, investing advice

[Roy Gutierrez]

Hi guys,

I'm thinking of buying a house as my primary residence, my plan would be for me to move there and rent my current house. The house is a 3 bedroom, 1 1/2 bathroom, 1700 sq foot, with a 2 car attached garage, $130K. I'm thinking of making it into a 4 bedroom, 2 1/2 bathroom house.  I really like the house, the 4th bedroom would be huge and will have a master bathroom and I actually get to enjoy it! :) I can even entertain the possibility of having roommates and I could live there almost for free!

My issue is that I have no choice but to go FHA, I got quoted and approved (3.75 interest, 5.33 APR, I should have shopped around more!) on this deal so I have to pay the upfront PMI and the monthly PMI, so now I don't want to fall in love with the house I plan to enjoy it but I still want to focus on moving ahead with real estate investing. What advice would you give me on how to use this purchase to advance my real estate investments?

Thank you in advance!