Stuck on Step in FIrst BRRRR
Back story: When I was in the Army I got stationed in Clarksville, TN in 2015. I bought a foreclosure just outside the back gate in a great neighborhood the rents very well for military families. I bought the property for 90k, put 10k down (I couldn't use VA loan due to the state of repair). Before I touched it, when closing, it appraised for 125k. While I lived there for 3 years I put approximately 15k into renovations. I wish I had kept better track of my expenses but it was a long drawn out process, doing a little work at a time, with the intention of renting it out once I left. So I'll just call it even at 15k in renovations. Then I moved out. Got out of the military and moved back home to the Chattanooga area. I bought another house here with the focus on the family at $161k here using the VA loan. Found great tenants to move in and has been running smoothly for a little over a year. Rent is competitive, although I think I could have gotten more based off the amount of interest the posting had, I went safe for $1200. Mortgage is $715, taxes included in that. So I clear roughly $500 a month after all is paid. Shortly after I moved out my neighbors houses on both sides sold for $170k and $180k and seems to be going up in the neighborhood all together for comparable properties. I estimate mine, freshly remodeled, to appraise around $165k to be conservative.
My issue: I now need to refinance my property in Clarksville in order to put to another property here in the very competitive Chattanooga area. I'm a police officer here and don't have a large excess income, though my property in Clarksville has cash flow. Recently changing jobs to a larger agency, I know this probably wont reflect well considering a bank loan as they like to see history. (Though I do have great credit) I'm not sure on how to approach a bank or private lender and get momentum rolling again. I need to leverage the equity in the Clarksville property to purchase another flip and hold here in town. Any advice would be greatly appreciated and if anyone is located in the Chattanooga area I would love to network with you and share thoughts! TYIA!