Unsure of how to scale up

[Jacklin Khalsa]

Hello Fellow Investors,

Looking for advice on how to make my next investment happen. I have a duplex (2/1) in St. Louis, MO that I purchased just two years ago. The financing is at 9% with a balance of $45k. I'd like to figure out how to make my next deal happen but unsure of my next move.

Do I refinance to a traditional loan and use the money that I save in the refi deal on my next down payments?

Try to get a refinance loan which I'm unsure I'd qualify since I need enough equity for a cash out refi and the property is probably worth $80k?

Or try to find funding another way without using this property? Any advice is greatly appreciated!

[Jody Sperling]

Sometimes my math is embarrassing, but if I'm running the numbers correctly, you have $35,000 in equity at the moment. 20% of $80,000 would be $16,000. If you subtract 16 out of the 35 equity you get 19, so that's where my guess was about the equity you could pull out. Fees and closing costs will eat into that money, but given how much you'll save in interest payments alone, it's definitely worth it. Best of luck!