Bought my first multifamily in Jersey City. What do I do now?

[John Kim]

I was fortunate enough to purchase a multifamily using a FHA loan. It was a short sale in 2015.

Purchase Price: $600k

Mortgage balance: $540k @ 3%

Net income: $1600/month

Thanks to nice growth in this neighborhood, which is in close proximity to Hoboken and Manhattan, I believe it can appraise for at least $950k.

My next purchase will not be an FHA.

Regarding my current loan:

Should I cash out refinance?

Should I refinance into a conventional loan?

Regarding my next investment:

Should I seek to invest in cheaper areas (Bayonne, Newark, out of state)?

Should I do nothing until the recession hits?

It seems very difficult to find a deal that makes sense in this area.