4 plex: Stick with 5/1 ARM or Refinance?

[Shan Stratton]

Hey all, I bought my first 4-plex about 4 years ago and I didn't know much. I ended up getting a 5/1 ARM :( It has been a great investment but am worried about interest rates skyrocketing in 5-10 years. I have tried to refinance a couple times 2-3 years ago and have had no luck being able to get a 30 year fixed loan. All lenders I have checked with will not do a 30 year fixed loan on a 4-plex because of appraisal issues. From what I understand they do not have enough comparable sales in the surrounding area? My 4-plex is in a pretty small town so maybe that's why?

I was hoping to hear some advice on if and how I could go about refinancing. Of course nobody can predict interest rates and I know if rates stay low ill be better off with my current loan, and if rates blow up I'd be better off to refi now. However it just bothers me that its been 4 years and if I refinance now ill be starting all over on interest again.

Any advice or ideas would be much appreciated. Thank you so much!