Advice for a real estate newbie
I've just started to look into real estate investing and my wife and I need some advice.
We currently live in a home with an libor loan which is currently interest only. We've been making extra principal payments but our current required payment is only around $300 a month and we should probably be able to rent for around $1000.
We've been thinking about potentially moving from this house and renting it as our first property but we don't know what we should do with the loan. Keep it as is or refinance?
Remaining loan amount is $110k property value is around $160k
We are really new to real estate and have a lot to learn so any opinions from you guys would be greatly appreciated.