Should I refinance ?

[Saul Rios]

Hi I'm new member of the biggerpockets,  I have a small house 1600 sqft in the Denver metro area with 344k of equity, I'm looking to buy a bigger house to brrr or buy a small multi family, thank you 

[Taylor Dasch]

Some more information is needed to decide if it will be a good idea for you. The basics would be : Would your return from the refinance be greater than the extra amount on the mortgage payment? Typically, if you spread out your equity between multiple properties, they will provide a greater return. Your also able to leverage more of the banks money. But be careful about becoming over leveraged. Are you very familiar with your market and the numbers associated with a BRRRR such as rental values, ARV, cost for remodeling? If not I'd recommend becoming familiar with them or find a Real Estate Agent that is familiar with them prior to refinancing. I do think that money sitting in the bank is losing more and more value every day. But thats not a good reason to just go buy a fixer upper. You definitely need to know the risks before hand.