Refinance with BRRRR strategy on VA loan

[Luis Pena]

Hello BP Pros, need your help trying to figure out what my refinance options are for a property I bought 9 months ago with my VA loan. It is a 4-plex in Las Vegas, NV, and I currently live in one unit and rehabbed and raised rents in all units.

Purchase Price was $352,500, and I put $14,750 down payment with a VA loan. After closing costs, my current loan on the property is $336,800 with 4.75% int rate. I've invested about 25k to rehab the property and all rents have now gone up from $600 to $850 on each unit, and I'm currently living in one. Would cashflow about $1K after I move out and rent out my live-in unit.

My question is, can I use the refinance part of BRRRR strategy to get cash out of this property now that rents are raised and property is improved. I would love if I could free up my VA loan eligibility again and refinance as something else, but not sure if that's possible or if it would mean having to pay PMI.

I've contacted a mortgage broker and she said that that appraisers are selected at random to refinance so doesn't matter if I get it appraisal on my own to see current value. She also said that appraisers tend to just look at comps in the area for value and don't look to much into improvements or rents for properties of 4-units or less. At a 80/20 ratio of equity the property would have to appraise for approx $405K, but thought VA loans could be cash-out at 100% LTV.

Is this valid, should I keep searching different brokers or will they all tell me the same thing? Anyone know any options I might have to free up that equity I invested or is this just gonna have to be a buy and hold since I don't have much equity in the property?