Attempting to brrrr but having issues

[Robert Medina]

Hello I have attempted to brrrr a property recently but didn’t quite go as well as I wanted. So I bought a single family home for 315k that was considered inhabitable. I was able to get a private loan which I used to purchase the house then I used my own money to rehab the house. Once the rehab was done I refinanced out of the private loan into a conventional loan as a primary residence. After all the fees from closing and paying back the interest on the private loan my new loan was at 335k. I had an appraisal done for the refinance and it came back at 515k which seemed pretty good. now I have been in the home for a year so I can start renting it out for a decent amount of money that would pay the mortgage and I would get about 600 in rental income on top of paying the mortgage. I would like to purchase another property so I looked into a heloc and a cash out refinance and it looks like I would qualify for about 75000 max which would be enough to put a down payment on another property and rehab it, but I still haven’t paid myself back from the original property rehab. If I pay myself back I’ll only have about 50k left to buy something which I don’t think is enough. I’m trying to figure out how I can pay myself and buy another property. Do I just pay myself back with a equity loan then start renting out the property while paying off the loan and refinance later? Or pay myself back with a heloc and then refinance out of the heloc later on? Is a second mortgage (heloc) or cash out refinance a better idea? Did I just not do the math right on my purchase? Meaning there needed to be more forced equity? My goal is to get a duplex or triplex. Something with more doors and more potential. Or do I just need to rent it out and accumulate more equity first?  Any suggestions would be greatly appreciated. Thanks

[Caleb Brown]

I would sit tight and save some more. Rent out that property and save. There is loans that cover the purchase and rehab so you could explore that. There is still money down required but helps ease costs