Need help deciding how to proceed w/ getting my next deal funded

[Leonard Qendro]

Hi everyone,

I'm currently a new investor in St. Petersburg, FL. I bought a house last year for $287k that now appraises for over $400k. 

My current mortgage including taxes and insurance is $1429 a month. I house-hack and rent out the rooms for $2500 rental income every month.

I need some help deciding on how to get my next deal funded. 

I have $46,000 in self-employed income and $21,000 in rental income on my tax returns for 2021. Some lenders have told me that I don't have enough income for a refinance because my 2020 tax returns don't show sufficient income even though my 2021 tax returns do. 

One lender says I am able to qualify for a $60K cash-out, but with current rates, I will lose my 2.875% for a much less desirable 5%. Similar to getting a second mortgage. Basically, refinancing the mortgage isn't so much a good option for me. I've contacted several other lenders and they say they are either unable to refinance the home or their rates and terms just do not make sense from an investment standpoint.

I have $20k in cash that is tied up in an IRA, and 8k in cash in a savings account. My expenses are low, having only one credit card that I pay off every month and a small motorcycle loan for $117 a month.

I'm wondering what else I can do to maybe get funding. I've considered getting a HELOC. I have also considered hard money, but I have no experience with it and I am not sure what to expect. I was hoping to refinance my home but with the rates the way they are I'm not sure it is wise to do so. One other option is to wait and save money again until I have enough to fund another deal.

Let me know if I'm missing anything and if there are other avenues that I can explore. I appreciate any help and or constructive feedback on my strategy.

Thanks,

Leo