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Updated over 8 years ago,
Own 1 condo, want to purchase 2 unit bldg w/o moving in, low cash
Hi,
I currently own my own condo. I don't have a lot of cash on hand, and am looking to buy a 2-unit rental property (already rehabbed and ready to rent in both units), but I'm not going to have enough money if I combine a cash-out refi on my condo with my current savings account. I'm trying to avoid doing an FHA loan because I'd rather not have to move into the building if I don't have to--I'd rather just rent those units and stay where I am. Any ideas on how to get the cash to not have to move in under the FHA mortgage requirements?