New to Bigger Pockets, looking for feedback on my next step.

[Josiah Evans]

Hi my name is Josiah, and I'm new to BP. I've been interested in real estate since I was about 17, but have been ignorant about the myriad ways to invest. I thought that saving up that down payment(20%) was the only way. I have been diving into research about financing and the BRRRR method and immediately fell in love. My wife and I are set on investing, and so far we have 2 doors, ours and one rental. It's a single property with two houses on it, we live in the front house(1500sq ft) and rent out the back house(1600 sq ft). We bought in 2016 for 404,000. and our mortgage is $2480 including tax and insurance. our back house brings in $1775. After talking to my lender and a mentor of mine, my current plan is to wait till the new year, then refinance bringing my payment down to $2100 or less and my rents are currently under market value, so I'm planing on raising that to 1825 or 1850. Leaving me to cover $350 per month on the mortgage. My next step I'm planning is to get prequalified for a Heloc. My broker and I think my property is worth $550,000 now, and I owe about $370,000 He believes he could get me approved for 100k or more on the Heloc. My goal then is to use that and saved cash to BRRRR. I want to go for duplexes triplexes or fourplexes. I'm good with numbers, and love analyzing deals already. Can't seem to stop doing it even though I'm not yet ready to buy.

  Again just hoping for input, and if people see holes in my plan. I currently live just south of Portland OR. I've got contacts with good realtors that are also investors. I like my Broker. I am still not sure what I'll do for the Rehab/construction. I'm an Electrician, so I'm in construction, but the goal is to hire out the work, because I also have a wife and two beautiful daughters.

  Many thanks to any advice.

-Jo