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Updated over 6 years ago on . Most recent reply

User Stats

7
Posts
1
Votes
Benjamin Chadwick
  • New Orleans, LA
1
Votes |
7
Posts

How do i get money out of My rental unit I bought w/ FHA loan

Benjamin Chadwick
  • New Orleans, LA
Posted

I bout a duplex in 2013 that i fixed up and lived in one unit for a few years while renting out the other half, I got married and my wife and i bought a single family home for us. I paid 158K for the double, i owe 142K on it, and the monthly mortgage is $1,353 a month. I bring in $2,600 a month in rent without a vacancy since 2015. When I bought the house I used an FHA loan. I want to get some equity out of this house. It currently appraised at 255K! I want to get some equity out of this to invest in another property. Has anyone done this before with an FHA and what steps do i need to take to get this done? Thanks to everyone in advance.

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