Figuring out my next step

[Greg Issacs]

Hi  BPters 

I bought a main residence townhouse 15min outside Chicago for 160k couple years ago. I totally remodeled it (myself) new bathrooms, kitchen, windows, doors, flooring etc. Mortgage loan has 100k left. Current comps are 200-240k. Comp rents are $1300-1500. I only make about 40k yearly. My only debt is mortgage but my DTI ratio wont allow me to buy more property. As a primary residence for 2years I wouldnt pay sale taxes but I prefer to rent it. If I brrrr it wouldnt I loose the ability to sell it tax free? What would you do in this situation. TIA

[Jonathan Klemm]

@Greg Issacs - Might need a little more information about your PITI after, but I personally would go for the refi and BRRRR. I believe, as long as you have lived in it for 2 out of the last 5 years you could still sell it in its 5th year and not need to pay any capital gains taxes. @Steven Hamilton II can confirm since he is the tax.

Next thing I'd do is figure out how to get your income higher.....maybe some side remodeling work if you already know how to do that?  Or some type of gig work?