Updated almost 5 years ago on . Most recent reply
Purchased a Triplex and looking to grow maybe Brrrr the next.
I purchased a triplex in South Florida for 440k in Januray with an fha loan with 3.5% down. Ive been living in one of the units. Ive put in about 65k in rehab and fixed up all three units. One rents for 1750 and one rents for 1250 and im living in 3rd biggest unit.
My mortgage payment is 2900, so im basically living free. My unit when i move out could rent for 2000.
What is my best option moving forward? I have no idea what it would appraise for but guessing maybe 550k as there are no comps in area that are triplexes. If i refi i wont get lots of money out enough to re invest or should i go to the Heloc route?
what do you guys suggest here?