Refinanced during the pandemic, and was able to drop the rate to <4%.

@Roger MoralesI live in St Augustine, and the Jax market can be challenging, with insurance costs, the low cap rates, and the assets that are older.There are so many Southeast markets that would be favorable to invest in.

Issue is rates higher and terms are worse. 

-Would the Fed actually RAISE rates?

I have been doing work to improve the side that I am living in, including finishing the walk-out basement that adds another 2 BR and 1 Bath. 1-1 rate buy-down gives me a 24 month period refinance at either a lower rate, or at a higher value (forced appreciation from improvements).

They have higher rates and typically have prepayment penalties, however they require much less documentation. 

Ideally, we're able to find a loan at 10% down, at or below current rates.

@Samuel Metcalf- thanks   1) I would recomend getting a HELOC in place on your primary residence duplex  for  as much as  possible...this should be available for  free or a low  cost and the rate will be variable in the  8-11%  range ...prime rate +  margin of  1-3% ) ...the min payment is in interest only payment on outstanding balance   2)  use the heloc for the  remodeling  costs ...pay it down as  agressively as you can   3) on the  purchase of the investmenet  1 unit -  you are  allowed to put as little as 15%  of the price for your down payment ...the pricing you get for the loan will improve  as your down payment  grows so you might look at  75% /  80%  and  85%  ltv  options 

But you want to be fully in just 1 property "until" rates come back lower?

Hey everybody, I’m getting out of high school and looking to do my first deal.