Attached house and neighbor is selling! Yes oh yes!

[Sean Senatore]

I’m always concerned about writing a long post, I’ll try my best to keep this to the point and quick.

Staten Island, New York purchased home January 2017 for $614,000 with a 3.5% FHA loan and a sellers concession of 15,000. 

The developers built about 75 of these multi level attached 2 family homes.

My neighbor who I’m very friendly with will be selling their house after 28 years of ownership, within a year or two. Their house is a mirror image of mine, exact same set up with a concrete party wall in between both houses.

I’m thinking of creative ways to purchase their house without using a home equity loan or 20-25% down payment for investment property. I understand there’s guidelines. 

I need your help people I have at least one year to work on my finances and my goal.

Am I able to refinance out of my FHA loan, rent out my current property that I'm in, and then get a new 3.5% FHA loan for the adjacent house? If you're wondering the future cost of the home sale will be about $700,000. I'm currently able to rent out my house for 4100 if I wanted to.

I always dreamed of owning two houses right next to each other and in this instance I can take 30% of their basement to make my basement larger and 30% of their backyard to make my backyard larger.

What would the smartest investors in the world do without using their own wads of cash and very little of it.