Current Situation For The New Year, PRAY FOR ME

[Brandon McMullin]

I bought a duplex with FHA about 6 months ago, I put $10k and my sweaty labor into it in renovations.

The place is simply way to small for me, It is 1bd 1 bath on my side and 2bd 1 bath on the other(I rented out that side)

I found a much bigger duplex I really would love to purchase, so I had my realtor look at my current duplex after the RENO to see if she thought I could get an appraisal and refinance over to conventional. She looked at Comps and really thinks It should appraise high enough to refinance ( my loan needs to be at 75% LTV to refinance, since I only put down 3.5% it was going to be hard to reach that since only owning the property for 5 months but hopefully my work payed off and I can refinance)

I want to refinance my duplex so I can get an FHA for this bigger duplex so I only need to put down the 3.5%. They are asking $185k

my ultimate goal is to get the bigger duplex on FHA, then get a HELOC on my first duplex and purchase a SFH to rent out using the credit to put 15% down on that(conventional loan)

After its all said and done I will have 2 duplexes and 1 SFH within 1 year. I would be very very happy if I'm able to do so. If I can jump through all the hoops.. my debt to income ratio is on my side, its very low. income tax season is here, so that will help me out. one issue is; my work has been slow the past couple months, only working 2-3 days a week. but we are finally picking up and should be busy for a while, my YTD income/income over the past 2 years has not been very good due to having 4 surgeries(work out injuries).... although I was collecting short term disability all 10 months off work. hopefully the bank see's how much money I make a week now and everything works out, wish me luck BP FAMILY :)