Ideas for Direction on Refi and Buy with Very Low Income

[Christine Seeley]

I originally put this post on the BP Facebook group but it isn't getting any action, so I'm trying here.

Hello, all of you savvy and wise investors. I'm pretty new to this group. I've been reading and learning as many posts as I can over the weeks. So, I've decided to take the plunge and create this post in hopes of kind and helpful responses to my position. I need some direction.

My goal would be to move forward financially by purchasing my next multi-unit to increase my cash flow (I'll have nothing else to live on except an extremely small SS). I would like to move to one where I can be more comfortable as I age. I've invested in single-family rentals in the past and have some landlord experience, but now I own only one property in a great location—an old, 2-story side-by-side duplex that I've resided in for the past 16 years. My current tenants have lived here for 18 years. 

My income is very low and I don't see it getting much higher. Therefore, I don't think I would qualify for much at all. However, I do have about 75-100k equity and 750+ credit. My property value is hopefully about 200K (guesstimating). It's just that my income is under 25k. Current tenants pay 850 mo., and I believe I could easily get 1000 to 1200 mo. from my side after I move out. 

I've been looking at USDA (online) running numbers. But I would have to sell my duplex if I go USDA since they would only allow me to own one single-family property (to my understanding, anyhow). To me, that would mean giving up on getting ahead and settling for the one property. I've also considered FHA and conventional. Ideally, I'd refi my current property, and use it for repairs, and down payment on the next property. But again, I think my income is too low. I'm looking at 200-300K multiunits. I'm in West Michigan.

I don't know which direction to go. All kind comments, advice, or ideas are very appreciated. I'm feeling very alone here. Thank you.