We invested in a fixer-upper back in January. We purchased for 56k and it appraised for 84k after the rehab. Currently sits on the market. We are interested in a duplex.
I was thinking maybe we could refinance the current investment to get into the duplex.
Would this be a good move?
What are some key factors I should research?
You could do that make sure that the rental market will support your new refinanced mortgage so that you are not putting more money into this property every month.
Hasn't had a renter in it since we got it. So it's not exactly the BRRRR strategy. If we did refinance I sapose it would be best to rent it out instead of saleing the home.
@Andrew Clifton you’ve owned it since January, and still has not rented? Is it because you just finished renovating it?
@Andrew Clifton Get a renter in there ASAP... make sure the actual rents justify the refinance and you’ll be able to run legit numbers... get a renter ASAP!