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