Updated over 5 years ago on . Most recent reply
Time to get my wife started!
Hello all! Great news, I've managed to convince my wife that it would be wise for us to begin investing in real estate. Today we are going to a few banks to in hopes to get approval letters and an idea for their interest rates, along with other small details. This next property will be under her name so i need to make it as easy as possible; I keep our current home (future rental) only under my name.
Here's the goods; I owe $56k on my current loan and have approximately 110k in equity with about ten years left to pay off if. The current monthly mortgage is $1170 (includes escrow covering: insurance, county/MUD/school taxes), should be less after the changing the insurance to landlord /dwelling insurance. According to rentometer the average rent for similar properties in the area is $1300.
My wife doesn't want to refinance our current home because I can afford the mortgage on my salary and she is more than capable of paying for the second property. Question is should I do more to convince her to refinance the property or pay it off in 10 years or less?