Refinance or not to refinance?

[Mario Essig]

I bought my first house using FHA Loan and the data is as follows:

Fixed Interest: 5.75%

Loan’s first payment was made on 01.01.2019

Term: 360 months

The question: I am a year in and I am wondering if it is worth or suggested to refinance to lower the interest rate and use the free cash towards my investment property. I am seeking ways of how to start out as a RE investor.

Aye or nay?

[Craig Curelop]

@Mario Essig - I have never been in your position, but I have talked to many investors that have. The most notable being J Scott who had done hundreds (if not thousands of flips). His exact words were, "I regret every house that I ever sold." 

If you can refinance with a conventional loan and rent it out while cash flowing, I would 100% suggest keeping it. If you can't, maybe you do a live-in-BRRRR where you fix it up, rent it out, and then refinance it?