Should I refi to a conventional loan from VA loan?

[James Fennessey]

Hey all,

New to BP, hoping to hear some of your savvy minds come together and help me with some options for my near future. Here’s a quick recap:

Purchased first home in 2014 in Pensacola, FL, using VA loan. Did some minor renos. Departed in 2017 and have had tenants in there ever since.

Moved outside Philadelphia, on the New Jersey side, purchased second home using the rest of my VA loan in 2018 (rented in the area for a year). Have been renovating since moving in (kitchen, bathrooms, backyard). 

Next summer (2021) I must transfer units and move to a new area (hoping for Savannah, GA or somewhere in FL- FT. Lauderdale area or Jacksonville). 

My initial thought is to sell both homes and use the money to put a down payment on a nice big duplex (a few good looking ones in the Savannah area) but I’m a little nervous about where the market may be next year (I’m assuming not a seller’s market?). 

The other option I was thinking is to refinance my FL house with a conventional loan (to free up VA loan) and hold onto it a little longer with the possibly lower rate (assuming rental interest rates would still be lower than the 3.7% I have on it now), and sell the NJ home as well (free up the rest of the VA). This would allow me to keep the FL rental and use the VA on a single family or multi family at my next unit.

Any advice would be amazing. Thank you!