First property BRRRR

[Evan P Stegman]

Hello Everyone,

In October of 2021 I bought my first triplex aiming towards doing the BRRRR Method. It was a Triplex that cost $317,000 in Cincinnati, Ohio more specifically the EastWalnut Hills area. When I purchased the property two of the units were already rented out and one was vacant, those rents equalled $1950/month. Over the next couple months I did a complete renovation of that first Unit myself adding some sweat equity to the house, as well as adding a whole New HVAC System and central air(which previously didn't exist). When I finished the renovation I acquired a killer tenant for the new unit who now pays $1500/month making my total NOI $3,450/ Month. I still Live at Home with my parents and was looking to move into this property when the 2nd unit's lease is up in June. Then when I move in I can renovate this unit while I live in It. The third unit is a single where the tenant pays $750/ month. She has rented this unit for over ten years and is month to month. After I'm done renovating the second unit my plan was to refinance and buy another multifamily property.

Questions:

With High/rising interest rates does it make sense to still refinance since it will allow me to get into another property or is there another alternative I could do?  My current interest rate is %3.75.

If thats the case, what renovations would I be able to do to the long term tenants unit without kicking her out to add more equity to the property?

If you have any other advice I'd love to hear it, Thanks!