How to refinance an FHA BRRR

[Carter Mayberry]

How can I pull the equity out of this building? Is FHA refinance or cash out possible before 2 years? Can I sell it to my LLC? But then my LLC will need a down payment and I wont have access to the equity right?

Jan 2024 > Purchased a 4 plex with an FHA loan. $230k - I believe $5000 out of pocket, seller paid closing costs etc.

January - Today > Remodeled Unit 2, 3 & 4 New Flooring, Kitchen, Bathroom, Tiled Showers, ETC.

Today > Resigned Unit 1. Its good, didn't need a full remodel and tenant stays there 1 day a week because she travels for work.

Now I am ready to pull my equity out, move onto the next project. I have way too many tools/supplies for an apartment and a very high drive German Shepherd. Ideally I move into my own home with a minimum down and use the rest of the cash out to flip or brrr again. I'm open to a duplex but I need a yard and garage. 

How can I pull the equity out of this building? Is FHA refinance or cash out a thing before 2 years? Can I sell it to my LLC? But then my LLC will need a down payment and I wont have access to the equity right?

$230k Purchase Price

$225k Balance

$25k+- in renovation materials. I did all the labor and will have to come up with my labor worth (Finalizing this number but its in this ballpark)

$3,575 Current Rents > $2,545 Previous Rents (40% Increase)

             - Unit 1 $595 to $750 - Unit 2 $650 to $900(when I move out) - Unit 3 $650 to $1075 - Unit 4 $650 to $900

$360k - $400k ARV > $380k x 75% = $285k - $225k = $60k Cash Out? (True comparables are very limited)

Thank you!!