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Updated almost 7 years ago on . Most recent reply

User Stats

48
Posts
6
Votes
Joakim Esaiasson
  • Wholesaler
  • Traverse city, MI
6
Votes |
48
Posts

Morgage payoff - land contract

Joakim Esaiasson
  • Wholesaler
  • Traverse city, MI
Posted

Hi guys, 

Looking for some advice on this.

we have 3 rental property and our primary. 

Rental  1) Value 190 000 with a mortgage of 75 00  at 4.8%  15 years fixed  (with inlaws as co-signer)

Rental 2) Value 175 000 with a mortgage of 71 00 at 4.525% 30 years fixed

Rental 3) Value 150 000 on a land contract  ballon in 3 years at 4.5%  the ballon is 110 000

our primary house is value to 285 000 with a mortgage of 160 000 at 4% on a 30 year fixed

My question is what should we do with the "Rental 3"? I don't think we can get a conventional mortgage for this one. Pay one rental off and then re finance and get cash back to cover the land contract, if so Rental 1 or2?

Ideas? 

Thanks

J

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