Rental Refi at Current Market Value, Yes or No?
Good morning BP Family,
I posted this question on twitter, but by request I'll repost here with details for better results. I'm looking for input on financial strategy...
I have a rental property currently cash flowing $450/mth. I paid cash and refi'd the deal at $115k ARV where I was able to take about $80k out and buy another property. This original property is currently worth about $145k now. I feel like I should leverage this equity in some way to get yet another property (can I do that twice on the same house?)
My question is, What would you do:
Am I able to (should I) refinance this property again at CMV? We have long term renters who are planning to buy the house ultimately.
Take and equity loan on it? I currently know nothing about equity loans.
Or keep as is and continue to pay down the mortgage? I've seen info lately on getting mortgages to zero to maximize cash flow.
Thanks, I appreciate any input on this
Brian
@mindyjensen