Updated over 4 years ago on . Most recent reply
Cash out refinance on a duplex
We currently have a duplex that cash flows $600/mo, owe $240k and 27 years left on a 30yr/4.25%.
We could do a cash out refi for $115k, cash flow would decrease to $200/mo, but we’d have $115k ready for the next opportunity. We wouldn’t consider this if we were in our 60’s, but at 35, we still have some time to ride out any down turns.
Just feel like now is the time to take advantage of an inflated market with low rates to bolster the cash position &/or buy a solid property for a long term investment if something comes up and ride out any downturn.
Thoughts?