HELP! Need direction on which property to refi for next BRRRR

[Sheena Schleicher]

Hi there! Sheena, here. SEO marketing agency owner, Realtor, investor, wife, mom, Jesus follower. :) 

New to BP & the BRRRR concept, but have actually been doing it for the last 11 years. We have 4 properties and have a time-sensitive opportunity to purchase the adjacent parcel to our home that has 4 building structures on it. I need help:

1) Being sure that we should refi and not sell one to get this new one (even though my husband's logic of exchanging an asset that has one rental for an asset with four rentals is sound)

2) Which property do we refi? See below summary of each. We have very low interest rates on all of them thanks to refi'ing each while we lived in them. 

CONDO LTR - My husband and I purchased our first home in 2011 when we were 22, just after graduating and getting married. 3bed/2bth 1,400sqft condo short sale in Oceanside, CA for $205k. Comps are now going for $670k. It's now a LTR bringing in $3,600/mth. Our PITI + HOA is $1,500/mth. Loan rate is 3.5%. We owe $135k.

CABIN SFH LTR - We bought our second home, a 2,000sqft 4bed/2bth SFH also in Oceanside in 2017 for $520k. Comps are now going for $1.4M. We thought this was going to be our forever home, but then we found the most magical property (more on that later). This home is now a LTR bringing in $4,600/mth. Our PITI is $2,794/mth. Loan rate is 2.875%.

SFH LTR - We bought our third property in 2020 when we learned that some extended family members (who I've never met) were selling the family cabin that was built by my grandfather (who I never met) and my father (who I'm just getting to know). Big Bear, CA SFH 3bed/2bth/loft, 1,900sqft for $220k. We are wrapping up a painfully long renovation (thanks to covid delays!) and plan to soon offer it up at a luxury STR. STR comps are going for $700-1,200/night. Sale comps are in the $500-700K range. Our PITI is $1,100/mth. Loan rate is 2.99%.

SFH, OUR HOME + AG LAND - We bought our fourth property and current home earlier this year, also in Oceanside, CA. Spanish ranch 4 bed/3bth at 3,200sqft, sitting on a hilltop overlooking revenue-generating flower fields (that we lease out). We purchased for $1.1M (jumbo loan at 4%), which was way under value "thanks" to a very questionable listing agent. PITI on current home property is $5,500/mth. Ag land lease brings in $1,500/mth. 

Our property is 2 acres and we're hoping to acquire the adjacent 3 acres that has 4 structures (3 previously used as farm worker houses and 1 as a refrigerated flower storage building). THIS is what brought me to BP. We need to acquire this adjacent parcel before it goes to someone else (owner is the same seller we bought our property from & she likes us!). The issue is that we're pretty broke from our recent closing on the 2-acre parcel. 

We're considering our options to sell the condo while the market's hot or to refi either the condo or the cabin. I reallllly don't want to sell but my husband is SUPER worried. My thought is we're already in like $2M of debt (w/ about $2M in equity)... what's another $300k. haha. We think the additional buildings could bring in a combined $3k/mth. I haven't even started thinking about what the additional property purchase would do to our mortgage (we would actually be doing a "lot line adjustment" through the city, so I don't know if our current mortgage would go up or if we'd have 2 separate loans)... or if we cash-out refi the cabin or condo, then I guess only that refi'd payment would change.

Wide open to any suggestions on how or what the smartest move for acquiring this land and 4 structures looks like. We think we'll need about $350-400k to purchase and renovate the buildings.

THANK YOU!! :)