Updated over 9 years ago on . Most recent reply
Rental Property Dilemma
I currently own a few rental properties in the Colorado Springs, CO area, but have one in particular that I could use some advice on and how I should move forward.
The short story is, I purchased this home in 2006 when everyone was purchasing homes right before the market collapse and got one of "them fancy interest only loans" :) This is my one regret with regard to real estate investing and all other homes have a fixed interest rate that can be planned around. The loan stayed pretty steady for a while and I was making some good monthly cash flow. However, the loan has moved from an interest only loan into a loan with a higher interest rate than the industry average and my cash flow has dwindled to almost nothing.
My question is, do I refinance and pay for the additive costs of doing so or do I sell while the market is still good and move on to something else? I hate thinking about losing an asset, but I just wonder what would be the best way forward?
Most Popular Reply
@Michael Babb what would you do with the money if you sold? I vote for the refi and second idea of checking with the bank that did the loan originally.