BRRR Method Question!

[Ashley Sanchez]

Last year I posted a similar question but things have changed since then. 

I’d love some insight on how to get started using an income property I already own. 

We currently own a duplex that is worth roughly $300,000. Our balance on the loan is $185,000. There are two units ( both 3/1). I would love to use this the equity property to leverage us getting more properties and starting the method.

However, when we reached out to our mortgage broker, he said we’d onky be able to pull out about $28,000 and that our rate would increase drastically (currently at 4.2 on a 30 year fixed). We are in the Tampa Bay Area.

What would you do? We have loved being income property owners and want to increase our portfolio, but we just don’t know where to start. 

Excuse my “newness”! Would love any and all advice.