HELOC REFI or no?

[Bill P.]

Hey BP community.  

We are currently on our 2nd buy and hold property (thx to @Brandon Turner, @Joshua Dorkin for the podcasts I listen to daily and the motivation to take action).

We currently own a duplex purchased using a HELOC for the 20% down,closing costs ($20,200) and a private money lender for the remaining 60k @ 12%. I"m currently in the process of the BRRR method and looking to refinance shortly. 2 questions:

1.  How long do you have to wait before you can refinance with a bank? 1 year?

2. I have an option to switch my variable 2.24% interest HELOC rate to a FIXED rate of 3.44% (10 year) or 3.74% (15 yr). I currently only pay 100$/month to this and save the rest of the cash flow for vacancy, cap ex, etc.

**   I'm hoping the refinance has the equity to do a cash out refi but I'm looking to settle the variable rate currently in the meantime.....