Growing rental portfolio

[Matt Lopez]

Hey guys, need some advice here from an outside prospective. Im fearful I have over analyzed my position and now blind to the best way to go about doubling down.

Bought a duplex almost two years ago for 220k. Was just appraised for 335k , I still owe 204 on an 2.5% FHA.

Im hacking the property and the tenant is paying roughly 83% of the mortgage.

If I move out of the property and rent both units there is roughly a $1,600 monthly profit.

I've debated a HELOC because a refi makes no sense now that rates have gone mad. What is the best way to leverage this good debt? Thank you in advance!

[JD Martin]

The best way is to move and do it again if you can find a decent deal. Probably can't pass the rules to get an FHA this time around but you can leave your FHA behind and just do conventional. This of course assumes you have enough money for another down payment, as I would probably not do a cash out refi in your case.