Let's Get Out Of This One and Into The Next One!

[Kyle Baron]

Hey guys! I am six months into my first property - an owner-occupied Duplex that I am 'house hacking'. I am already looking six months down the road on accumulating my second property, and I think I might like to refinance my current place from an FHA loan to a Conventional loan. I understand that I need to have XX% of equity in the property to be eligible for refinancing into a conventional loan - What is that percentage? 78% or 80%, or something else? I have heard multiple things. Is it a good idea to refinance? Should I keep my current interest rate, or risk it increasing when I refinance? I want to refinance to drop the Mortgage Interest and to free up me only-one-available-at-a-time F.H.A. loan for my second property. My current mortgage company is not licensed in the state of Minnesota to refinance my loan, and in calling them recently, I have found that I must rely on local loaners to get the job done. Does anyone have any recommendations or referrals on the process, or who I could have refinance my loan?

Any information about equity, refinancing, or just investing / landlord advice goes miles and miles in my book and is endlessly appreciated - Thank you for your time in reading and replying to this post!