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.
@Drew Denham Here's another option. There's a school of thought that fewer is better - especially when you own them free-and-clear. How about selling the one you have and taking the proceeds to buy the other one free-and-clear.
I like to move a little slower than most and keep my debt low or at zero, sleep better at night and I know my house won't have a notice in the window! Lots of ways to go about getting another property without messing with the first...just my opinion.
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