Help with a BRRR analysis

[Colin O'Brien]

Howdy,

I need some help. I purchased a 2 family in February of 2018. The purchase price was for 139K. We put some work into 1 of the apartments that we currently live in. We currently owe 133K. The house was purchased using FHA 3.5% down.

Using the BRRR strategy, I spoke to a local appraisal company who said the house should be worth between 160K-170K. My goal is to refinance out of the FHA thus ridding myself of the PMI and also pull some money out of the refinance.

Every time I think this is a smart decision, someone tells me it isn't worth it. Looking for some help from the pro's. Please ask any questions I can provide to better analyze the deal