I am looking for the best option for my second investment property. I'm wondering what would be the smartest move going forward. I bought my first house in 2014 and recently rented it out in February of this year. It is a FHA loan and I want to refinance out of the PMI. I currently charge 1800 in rent (going up 100$ early next year) and my payment is 1650. Would paying down the mortgage to cashflow more be smart here or just focus on my second property? The house is currently worth 310,000$ and I owe 207,000. I would like to see the best options to leverage a refinance towards my next deal. I also have 10,000$ saved and 4000$ monthly able to contribute towards purchasing investment properties. A lofty goal would be to gain 1 property a month for a total of 12 next year, each cash flowing 200$. I'd appreciate any advice and direction from an experienced real estate investor. Thanks!
@Jason D. Thanks for the insight. I really don't want to lose the property but I see what your saying. I'd be willing to refinance without taking cash out for better cash flow, but I'm not sure how much lower it would even go. Might be best to take the money and run.