All Forum Posts by: Steve Salvini

@Carlos Tavares yeah that's the problem, I'm not sure what equity I have at this point. I know there are way to keep an FHA and buy another if for some reason your home size needs have changed. I have 2 kids and my unit is technically a 2 bed but has a bonus room that I use for my youngest, and could def use more room since my kids are only getting bigger. I wonder if that would be an option and how they judge that.

I apologize for the late repose to both of these.

@Account Closed Tony, I tried to come to the Southills REIA last week but had a work event that I could not get out early. We should def get together since you are in Dormont and would love to speak to someone else in the same situation.

Not dead set on Dormont but would want to stay on this side of the city.

@Account Closed thanks for the info....that's what I thought my options would be.  Def want to buy another multi and do owner occupancy and was looking to see if there are more "creative" ways to move forward.  I'll pm to see what other options might be available.

What are my options to refinance out of an FHA multi-unit so I can buy another one? Been in the building for over a year and it appraised at the time for about 10% above purchased when I bought it and have done and work since. Is there other options besides a conventional loan that I could use?

I would like to do another FHA obviously for the low down payment. 

Details:

Relatively new investor trying to figure out how to purchase another building. I own a two-unit that I currently live in one and rent the other. I purchased this building last year in Dormont and love the location and although it wasn't a killer deal, was a perfect place for me at the time and will cash flow of both units were rented. 

Financing:

Purchased with an FHA to allow more cash on hand to buy something else this year, but that has not worked the way I would have liked. I have good credit, some equity in my current place, but not enough cash to get out of an FHA into a conventional investment loan.

Problem:

How can I buy something else, ideally another multi-unit 

Thank you for posting this. Much like you, I'm just looking to get started and hearing stories like this gets me excited. 

Hey Everyone!  My Name is Steve Salvini and I live in Dormont, PA which is about 5 minutes from the city of Pittsburgh.  I currently own a 2 unit building and share 50% custody of two young kids, work a professional job, in addition to being a landlord.  Despite all that, I couldn't wait any longer to chase my dream of flipping houses and building a larger real estate portfolio and hope that I can make the transition over the next year making this my fulltime engagement.

Redid my first home and love dreaming, buying, and executing what I can imagine in my head.  Sold that home and moved into my forever home and started to redo it before a change in life required me to sell.  But as the saying goes "when one door shuts another opens" couldn't be more true then when I bought my first multi-unit last year and started down this journey.