Updated over 9 years ago on . Most recent reply
Cash out refinance Advice
Cash out refinance
Hi guys I’m looking for advice from experienced investors. I currently own 3 multi units in Los Angeles. All purchases were bought from 1031 exchanges. My dilemma is, should i do a cash out refi. The reason why I’m considering doing a cash out refi is because i know the cost of properties are high and interest are still low. If I do refinance I will throw the money in to money market account and wait for the price of real estate to become more affordable. The reason why I don’t want to cash out is because of inflation and lost cash flow. Also I will be putting the money into a savings account hoping real estate cools down.
Property Status
Principal - $260,197
Interest - 5.25%
Payment - $2,036
Rent Roll - $3,800
Expenses - $275
Value of property - $600,00
Cash out - $ 90,000
New Loan - $356,000
Interest - 4.875%
New payment $2,335