Advice Needed Should I Refi Now?

[Louis Zameryka]

I own a condo in Orlando that I purchased in 2021 at $270k with 20% down at a 3.65% mortgage. I put $7k additional into renovations. It’s a short term rental that cash flows steadily every month after all expenses.

Based on recent sales and Zestimate it seems to be valued at $375k

Should I refi now or soon even though the interest rates will be 6.5% or higher? And I’ll have to keep 25% in most likely.

The only thing I know I can do with the refi cash out is to be a GP in a syndication I like that just came across my desk. Other than that I do not have another readily available real estate deal to put the $ in.

I’d love some advice. Thanks

[Jaron Walling]

That's a big return in equity in such a short time. Don't kill a 3.65% interest rate. Either sell the property, 1031 exchange, or be happy with the COC you're making. I can't see any reason to cash-out refinance this property given today's market, and direction were going. Feds increasing the prime again this week.