Exit Strategy for first house-hack /Getting out of an FHA to qualify for NEW FHA loan

[Caeden Jacobs]

Hello everyone, I am a new investor who purchased my first rental property a year before this post. I purchased a upstairs/downstairs duplex for $125k. I rented out the upstairs for $800 a month, and occupy the downstairs. Since I have owned the property I have put a new roof on it ($18k), all new stainless steel appliances ($3k) and new landscaping ($2k) the driveway is suppose to be done for ($1.5k) here next month. That is about 25k in upgrades, and increased rents about 30 percent from previous owner. SO my question is, WHAT IS THE BEST EXIT STRATEGY. From reading the guidelines I see that I need 20-25% equity to refi. Which means it needs to appraise for 35k higher than I had just bought it for. How feasible is that? Should I refinance into a conventional loan OR should I refinance into a investment loan such as DSCR. Also when I go buy the second property, will FHA let me do a new loan with it being my 2nd mortgage... If anyone has input on this let me know, I am going to get ready to start the process but if you have experience in a similar situation I'd LOVE to hear it.