FHA Cashout refi...good idea?

[Eric Skiba]

Hi All,

i bought my first rental property in June of 2017. its a 2 family home, bought for 165k. Due to it being my first experience i thought FHA was the best way to go, due to the low down payment option. However, now that im in it for 2 years im realizing its no longer a benefit as i am paying $120 a month for mortgage insurance. Couple that with the fact that i cannot ever remove this on this FHA loan, its erking me paying that every month. The rental across the street from me just sold for 290k, granted its about 300 SF larger, i assume this will boost my valuation a bit. It currently is valued at 200k and i owe 155k, so i have some equity there. I wonder if a cash out refinance to a conventional loan would be a good bet. I currently have a 4% interest rate on the loan. Any insight from guys who have done this before would be greatly appreciated.