Creative Financing when stuck in a 15 year Mortgage
Hi All,
I am currently looking to buy my first investment property, and I believe the owner occupancy method of acquiring rentals to be one of the most feasible methods. The alternative for me would be to keep saving for down payments for each new property, but that method is so slow, and I do not yet have a positive track record to pursue many of the other creative financing options.
The hiccup is, I'm paying off a 15 year mortgage on my current home, and the note is nearly equal to market rent. I didn't purchase this house with cashflow in mind, so I would have to take on negative cash flow to move to another property even assuming I could keep the house rented. It seems the cost of re-financing the mortgage is a gamble as to whether I could re-coop those costs by going this route.
Has anyone been in a similar situation, or have any suggestions on how I could get started?