Cash out refinance and 2nd mortgage

[Aubrey Buchmann]

Hi everyone, 

New to this site and REI, really excited to have found this resource.

I've got a property that I rent out for $1600 a month. I've got 65k left on the mortgage and it's currently appraised by Zillow for about 240k. Monthly payments around $650 so it's got some great cash flow, even after a cash out refinance I'd think. I figure I could get about 100k out of a cash out refinance. I'd like to buy a duplex to live in one part and rent out the other. Not exactly sure where yet, but my husband and I are looking at Chicago, maybe something that's move in ready but that we can rehab a bit and eventually refinance to continue with the BRRRR method. I'm thinking I'll need more than 100k to buy a decent duplex so can I also simultaneously apply for a 2nd mortgage? Or any other financing suggestions?

My credit score is excellent and I pull in around 70k gross (rental $ on first property included) but my husband’s score is just okay so not sure if I should add him to loan applications? Right now he pulls in 25k a year and I’m not exactly sure of his score. He’s new to the country so as of a year ago, he didn’t have a score yet but we got him a credit card and have been working to build it. Also, we’ll plan on moving which means we’ll both temporarily be out of work, so I feel like I should take out these loans now and find a duplex/triplex while I’m still showing employment, but I’m not sure. I’m in CO now, my rental property is in Asheville, NC, and we are looking in several states, but likely not CO where we are living. Any input on best next steps to meet this goal are highly appreciated, feeling a little overwhelmed by all the moving variables and really don’t want to move into another apt. somewhere for a year and get another job before I can buy next property/our home. Thanks!