All Forum Posts by: Dan Gongora

Thanks for sharing Lisa! sounds like you're pretty savy! 

that's awesome! what were your closing costs if you don't mind me asking?

Good morning everyone! I currently own a 2 unit property which I purchased on August 2014 with an FHA loan as owner occupied. I want to purchase my next property with as little down payment as possible but as you all may know, a person can only have one FHA loan under their name. My plan is to cash out refinance my current property and convert to a conventional loan. The goal is to get enough cash to fund my next property's down payment while keeping my current mortgage payment as similar as possible to my current mortgage payment in order to continue to cash flow. With this strategy, I'm hoping to be able to purchase the next property with an FHA loan with 5% or less down payment "since I would no longer have an FHA under my name, it would now be conventional" and use the cash from the cash out refinance as a down payment for the next property. Does this strategy seem feasible? How much closing costs can i estimate having?

Current property:

asking price 90k

purchase price 85K

loan amount 80k

loan balance 78K

market value as of June 2015 100k

current zestimate 115k

Does this seem like a good idea?

Thanks for the advice everyone! I'm on track to reading one book a week, I look forward to expanding my education with the referenced books and podcast!

Thank you both very much!!

Hi everyone I'm Dan Gongora, I'm a fairly new real estate investor and currently interested in creating a portfolio of rental properties. I closed my first deal August 2014. I purchased a two unit property as owner occupied and currently rent the other unit. my goal is to purchase one property a year until the rental income replaces my current salary. I'm eager to reach financial freedom!