Should I re-fi AGAIN in Feb to get out of VA loan?

[Sharon Beatty]

Hi, we just refinanced our VA loan, our house appraised for $200k over the original purchase price in 2018. We took out $100k to pay off credit card debt we used to create a 2bd/2bath ADU in the basement. We'd like to purchase another property next year. We will have saved $20k by then. It was expensive to re-fi the VA loan so I'm hesitant to incur more closing costs on a new loan. You need to continue to live in the property as long as you have that loan. Would it make sense to re-fi next year (February is the earliest we can do that)? That way we can purchase a small multi-family and live in it, with a small down-payment in an FHA loan. Or is it better to just look around for a good deal and get creative in another way to finance it?

I live in Portland, OR which is tenant friendly, not landlord friendly, FYI. 

Appreciate the advice!

[Elise Marquette]

If you're looking to get in for a small down payment, why not refi into a conventional loan to restore your entitlement and then buy the next property on the VA loan?