What would you do Refi or keep HELOC ?

[Michael McCarthy]

I currently have a duplex that I paid for in cash through a HELOC, approximately 70K of the 165K available in total. My net income per month is approximately $800 after all bills paid and future maintenance repair money is put aside. The HELOC is a variable loan and currently at 4.5%, I called my local bank that I do business with and the refi would be 75% LTV, 20 year max at 5% (after I have owned it for 6 months which is next month), closing costs would be approximately $3200-3500. Do I refi? I would have to do a little research to see what the bank would access the house at but I think they would around $80k. Do I keep the HELOC going until I find another property to buy with the additional money and then refi to free up some of the money? What do you think is my best strategy going forward biggerpockets?