BRRR on a Multi-family

[Nick Causa]

We finally bought a duplex. We’ll be moving in shortly but first want to renovate the unit we’ll be living in. Our plan is to do that, live in the renovated unit until the tenant’s lease downstairs is up in February. Then move down there, reno that, then refinance. My question is, would it make sense to refinance after doing the first unit and then doing it again after the second reno? Or would that not make sense because of the closing costs involved? I only ask because it is a long time (more than likely more than a year total) to leave our $ in the house after both renos.