To refi or not to refi
I'm torn of whether or not to refi my rental to purchase another house. Details:
-I owe 56k and it's worth 110-115- probably be able to pull out about 35k and buy a house cash for another rental
-10 year mortgage with approx 7 years left
-Currently rented @945 which is basically a wash w payment taxes insurance etc.
- rented out to a fantastic tenant
-A- area - best area in bay city Michigan
I really think I want to wait the seven years and have a 120k house free and clear renting at 1000 per month and I'll be 36 years old at the time. $35k will allow me to buy a house in the b- c+ neighborhoods. I appreciate any comments you might have.