The Next Move - Attempting to Start

[Zane Ritter]

Hello all. About 1.5 years ago, I purchased (conventional loan) and have been living in a 3x3.5 townhouse with a family member (brother) in a first attempt to start building equity through a house hack/BRRR strategy. The initial plan was to slowly rent out the spare rooms and renovate until a refinance/moving out and onto the next property made financial sense. Unfortunately, I have quickly realized the mortgage is much too steep a payment to promote a net positive cashflow even with all rooms rented. I am hoping for some direction. My gut response is for us to sell at 2 year mark and collect the equity (tax free). However, the home is in an A-class area that is rapidly growing and could prove profitable once the property could be refinanced at a lower rate.