BRRRR is order interchangeable?

[Edward Doherty]

In the order of Buy, Rehab, Rent, Refinance, Repeat; can I refinance before I rent? Swap the rent and refinance?

I will come back to that. Starting with the beginning.

I bought a two family for $430,000 (30 year mortgage 3.37 percent) in Boston in 2013 and renovated it, approx $100,000 renovation. We lived in the upstairs unit for four years. We kept the two family and bought a single family and moved into it.

The two family is rented and cash flow positive about $2000 a month.

Before we left the two family I got a HELOC on it that I have never touched in the amount of $112,000 it is still open.

In 2017 we bought a single family and moved into it for $705,000 (30 year mortgage, 4 percent) and renovated, $45,000 renovation. Now it may appraise for $875,000.

I think I want to refinance the single family because rates are so low. Get a HELOC on the single family. Rent out the single family and combine the 2 HELOCS $112,000 HELOC on two family + maybe $150,000 HELOC on single family and use that for a downpayment on the next house. Would this work or am I missing something? I appreciate your thoughts.