Refinance instead of sell... rental SF home.. what interest rate?
Own outright a Single family home investment property, rented month to month, have had property listed for sale for a bit.. with intention 1031 into a bigger asset using exchange proceeds as a down payment and bank loan to fund purchase (putting my equity to work)..
Problem is house isn’t selling.. now considering converting to vacation rental (handing over to manager) and refinancing and using the proceeds as down payment for an apartment building. Won’t be as much $ out as a sale, but is what it is, currently my equity isn’t living up to its potential. Current details- month to month rent price $1600, and appraised value $300k.
Does this seem like a good move? What interest rate should I seek on a refi, non owner occupied single fam investment property.
Thanks!