I am looking for some strategies on how to approach my refinance...
I purchased this property last year with a loan from a relative. It is a 3 unit property with a main home and two smaller "cottages". My plan was to rehab each unit one by one and starting with one cottage (rental), then the main home (rental), and finally the other cottage (borderline teardown which I will be living in). The rehab is finished on the main home and I am looking to refinance ASAP to reduce my debt service and lock in a fixed rate (current one is variable). At the same time, I believe the property has increased in value by at least 40% since my time of purchase (got it for a good price as an REO with tenants). I would like to do a cash out refinance to and use the funds to pickup the spread on some passive RE investments, since leaving the equity in the property provides little benefit.
Can anyone suggest a particular product that might be good for me to research further? I had initially hoped to do an ARM but I have heard from some people that the rates for a cash out would be pretty high.
@Brian Gerlach Thanks Brian! I will reach out to Chris and see what he says