How to get cash out of Duplex renovation
Purchased a duplex for 52k using an FHA loan (3.5% down). Mortgage payment is $300 a month. Put 55k of our own cash into it. New metal shingles, new windows, new bathrooms, new kitchens, etc. Basically a total renovation. We are living in one side and renting out the other side for $750 a month (14% cash on cash ROI). Rehab costs were a bit more than we anticipated but we are still happy with the COC ROI. The only downside is that we probably put a little too much money into it, as it would probably appraise for 100k.
What would you do in order to get some of the money out? I know with the purchase price and cost of renovation we can't recover all of the money but it would still be nice to get 10-20k out for another deal. Is a BRRRR possible with an FHA loan? What about going the HELOC route? Anyone have ideas? Open to anything!