Buy, Rehab, Rent, Refi in Philly with Multi Units

[Jeffrey Thies]

My Fiance and I are going to be buying a run down property and turn it into 3 units and live in one and rent out the other. We're getting a first time buyer loan that will cover the property and rehab with 3.5% down. Once we've taken this run down property and turned it into a beautiful 3 unit property we wanted to refinance it to repeat the process. I know we have to wait 6 months. I was wondering what we can expect to make on average when we refinance that. The next property will be a duplex with us living it so we'll need 15% down, around $60,000. Just seeing if that's something we should be able to pull out of the equity on the refi?