Duplex Refinance from FHA to Conventional Loan

[Cody McVay]

Hello Bp! 

Bit of a long winded question, but I am looking to refinance a duplex I purchased in December 2020 as a house hack with an FHA loan located in Columbus, OH. I have rehabbed one side and have a tenant on the other, I believe I purchased the property under value and after watching a video by meet kevin "How I turned $10,500 into $210,000 at 19 (in 90 days)" who discussed purchasing a property with a 203K with 10.5K down and pulling 100k in cash plus gaining 20% equity and no more mortgage insurance!!!

I understand results like this aren't always likely, but my question is... 

1.) Is it too early to refi, as I've only held the property for roughly 5 months?

2.) I'm unsure how a duplex is actually appraised, does it weigh heavier on NOI like larger apartment buildings or more on comps/condition like a single family?

2.1) if NOI is the greater factor, how do I offset the rent "lost" due to living in one unit?

3.) I'd like to pull the cash out to pay off student loans, and add income to purchase another multifamily, looking at 4 - 8 units. Is now the best time to do this or should I wait until I've gained more appreciation through loan paydown, or try to take advantage of the high housing market hoping to ride the wave?

4.) If I refi out of FHA this soon, can I do another (4-plex) FHA this year since I didn't live in the property for a whole year?

5.) Any great lender contacts to get in touch with, preferably in OH would be greatly appreciated!!

Thank you all in advance for the advice!

Best,

P.s. I would love to connect with anyone in the Columbus market or looking to break into it, I'm still pretty early in the journey but would love to share insight, connections, and just chat about local REI the best way to reach me is through PMing me on BP.

[Gaetano Ciambriello]

How much is your home worth now? How much do you owe? What is your PMI payment each month and interest rate?

To use the ARV for a conventional loan, you need to wait 6 months. I would refinance in one month if you have enough equity and #'s make sense.

To refi to a conventional loan, lenders won't look at NOI, only personal income and credit. The value will be based on comps for similar properties, not the NOI. I am not a lender in Ohio, but I am sure you can find a rec on BP or I can ask around if you need help.