Need support with building| No idea what I’m doing.

[Belén Cosenza]

Hi everyone, 

I own a two unit building. I don’t live in it anymore so both units are rented. It more or less breaks even every month. The estimated value according to the internet puts it somewhere around 350k, and I owe 265k on it. I got it on the low 3’s % in 2020. I have 30k in credit card debt, part me and part big masonry repairs made to the building when I got it. Sucks.

Basically I went in hoping to BRRR, but I called a traditional lender and apparently I can't refinance because I still owe too much and the loan can't be more than 245k. So in short, my money is trapped. No BRRR.

Does this mean I made a mistake? I can’t tell WHERE I am standing with all this. Did I do something wrong? Is this part of the process and gotta give it time where time is due? Or should I sell, pay my debt and pretty much break even and start from scratch? It wouldn’t even be from scratch because this time around I wouldn’t be able to get a home owners loan. Now I have a family and we can’t move. 

I feel so lost, what did I do wrong? Why can’t I refinance to grow the way they put it everywhere?