First BRRRR Property

[Michael Rossi]

Hello All, 

I have recently acquired a 2/2 Condo in the heart of the Tampa Bay. Prime location, just inside Rocky Pointe. I am looking for general advice given the current market conditions. 

I have always wanted to build a real estate portfolio and I am working to clean up the property a bit (paint and small bathroom rehab) - and hope to put a renter in the property starting in Jan. 2023 on the higher end of rents (2.5K - 3K) 

Property is paid off, estimated appraised value: 265K

Given the current market conditions, would it make sense for me to do a cash out refi to get into another property within the next 6 months? Or should I just cash flow through 2023 and hold off until 2024? 

Thank you for your insight and direction. Its greatly appreciated. 

-Mike