Refinance! Expanding my Portfolio Slowly but Surely.

[James Lanier]

Good Evening, 

I have great news the interest rates are down and it was time to capitalize! I have started the refinance process. I will be refinancing two investment properties and my primary home. Here are the details of two of the refinances (other property will be started tomorrow):

Property #1- was a FHA Loan, Mortgage Payment 1,725.05 after refinancing the payment will be 1594.09. Other things to consider is that the PMI is removed and now the property will be in a Conventional 30yr Property Loan. The interest is reduced from 3.75% to 3.5%.

Property #2- was a Conventional Owner Occupied 5% Loan, Mortgage Payment 1605.61 after refinancing the payment will be 1429.16. Other things to consider is that the PMI will be removed and now the property will be in a Conventional 30yr Property Loan. The interest rate is reduced from 4.25% to 3.125%.

The best news is that I get the ability to use my FHA again! The plan is to purchase a Duplex in a great area. I will live there for one year fixing and improving the property as needed and then will use my wife's FHA (going to start the refinance process for her property tomorrow) to buy the dream home.

In total  by the end of this master plan I will have 4 investment properties and 1 primary home. 

1. Does the plan sound good?

2. Could I do better?

3. If you a have wrench to this plan, then throw it as hard as you can so I can prepare!