Help and Advice on my first House Hack!

[Luis Ayala]

Hello everyone!

In July 2022, I bought my first rental property not knowing much about real estate and analyzing a deal to see if it was a good deal. I didn't know how to analyze well but I just took action. I ended up using an fha 203k loan to fix this duplex with a potential huge basement to make it a triplex. Purchase price was 623,500 and used about 100k for rehab. Total loan is about 720k. Currently owing 717k. My current mortgage is 6500 a month including MPI. One 3BR 1 Bath Rents for $2800 and One 3 BR 2 bath rents for $3100. Im currently negatively cash flowing. I am fixing the basement apartment which will be a 1 BR 1 bath and can make about $1600 a month which will bring me finally to positive cash flow. 

After adding Value to the property, The property can be valued anywhere from 800-850k. I would like to refinance out of the fha loan to be able to use it again and house hack but this time knowing how to analyze these properties. I know at that value it doesn't make sense to refinance because I would have to come out of pocket. Also would like to get rid om mpi, which would help my cashflow increase as I'm currently paying 612 a month. This is with loan depot mortgage insurance. I am trying to continue acquiring properties using this method and also learning about other methods as well, but I wanted to come in here to seek some advice from professionals that I'm willing to learn from as I am barely starting my real estate journey. Any advice would help. Greatly appreciate it ! Thank you BP