Multi Family Refinancing

[Thomas Ebenhoch]

I own a 3 unit multi family home in Upstate NY, bought in 2016 with a FHA 203k loan. Purchase price was $127K, renovations from the 203k brought the loan total up to $154K. The house was appraised by the county for $160K before my purchase.

The loan mainly covered exterior improvements new siding, new concrete pathways, gutters, etc. I also have renovated each unit and the building is fully occupied, with me living in one of the units.

The unit rent total with me living in one of the units is $1850, it increases to $2700 if I move out.

I really have no idea what the house is worth now, there are not too many comps in the area. But if I had to guess somewhere in the 200-230K range.

My plan is to buy another multi family like this, so I am looking for any advice on refinancing, HELOC loans, cash out refi.

I'm a big fan of the BRRRR idea, but I am just unsure about the refinancing portion. Any help or advice for a guy just starting out?