Questions regarding cash out refi on my rental

[Alex Nameishi]

Hey guys,

I bought my 3 unit rental 3 years ago for 505k. I put 5% down with an fha loan at 2.4%. I’ve done a good amount of rehab myself and modernized the units. I live in one of the units and rent out the other 2. I’m cashflowing about $600 a month right now plus I’m living rent free.

I’ve been able to save a lot over the years and now I would like to buy another rental.

Prices have skyrocketed in my area and based off comps, I believe my prop would appraise for around $700k.

My question is, what are my cash out refi options? Based off the numbers I provided above, how much could I get out? I understand my new rate would be higher than my original 2.4% but I would like to convert my fha to a conventional loan, so that I can use an fha loan on my next prop and not have to put down 20%. I would house hack my next house too so that I can abide by the fha rules and so that I can rehab the property myself like I did on my first deal.

Any intel or suggestions would be greatly appreciated. Thanks everyone