Looking for ideas on refinancing the homes I currently own, and take out cash for either BRRRR or purchasing multifamily units. Here are the numbers:

Home#1 (Primary)
FHA Loan, 140K left
Estimated value, 330K

Home#2 (Rental to family)
Conv, 160K left
Estimated value, 440K

Home#3 (Secondary but used as rental for family)
Conv, 240K left
Estimated value, 330K

-How much equity can I take out on each?  I did a rough calculation of (70% of value - loan amt) and came up with around 238k?  
-What other creative ways are there that I can do with the equity to make it work for me?

Sorry for being so general with the numbers.  Any insight and help is much appreciated.  If you need more info let me know.  TIA.

Yeng

3rd home don't have much room to cash out compare to expense which will occurred to do this refinance. You can cash out from#1 and #2 around the same which you mention. Primary you can cash out up to 80% but it always to stay lower and see what will be difference in interest rate. If there is not much difference go with higher LTV with primary.

@Yeng Hawj If you are going to cash-out refi and use the cast toward another purchase, I would recommend a conventional 30 yr fixed is the best way to go. That way you are protected against rate increase.

You are in a good position to refi the FHA to a conventional and get rid of the MIP.

As long as you are reporting the rental income on your tax return, you will get rental income credit to offset the mortgage.

Yeng Hawj. Heloc is your best bet as an investor. That’s what I did with my primary residence. No closing cost & no appraisal fees. You pay on the money you use. I use my heloc to buy & flip houses. Either cash out & refi. Or down payment using hard money. I use it for BRRRRs & pay it back after I cash out refi.

In your case primary residence 90% ltv. You can get a heloc for 157k on your primary residence.
-2nd home 75% ltv. 170k heloc
-3rd I would leave it. Not enough equity

The benefit w/ heloc. Your existing mortgage stays the same. You just have access to cash anytime w/ heloc. If you don’t use the heloc. You have no payments and your equity is still remains.

If you take cash out refi. Your mortgage payment will increase and now you’re in more debt then when you started.

This is only my opinion because it’s working for me. Hope this help.