My wife & I purchased our first home on January 31, 2017... After listening to BP and reading the forums, I've found myself obsessed with the desire to own cash flow rentals. My parents have done some flips in the past and hold an apartment and duplex with positive cash flow (in fact my father is not semi-retired and doing well with it while my mom still owns her own small business)
I'd like to see about refi my own house to try and lower my monthly's or get some cash back from the closing to invest in RE.
We got a conventional 30 year fixed, $522,750 loan - paying around $3610 total (includes $14k annual NY property taxes) My intention was to lower my monthlies & now realized i could have used that money for a deal!! oh well. The balance on the loan is $514,000.
Any tips/suggestions/advice?! PS - i'm very new to RE and will be attending my local REIA on January 4 and I'm bringing my parents so that they can hopefully learn something and network as well.
@Timothy Yen - I think we need a little more info. Do you know the current value of your home and interest rate? If the value is not much more than the $522k, you really do not have much equity to pull out. Plus if interest rates have gone up since you took out your loan your payments may not even go down. I recommend tightening up your budget and saving as much as possible.
Regardless I would definitely start attending the REIA and networking. Best of luck!
The purchase price was 697,000 - just had a realtor walk thru who said she could sell it in the high 800k. The comps have quite a range - from 800k up to 1.3m... it’s in a very desirable area in an already very desirable town.
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