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Creative Real Estate Financing

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Ricky Gidron
  • Specialist
  • Boston, MA
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To Refinance A Property Or Not…

Ricky Gidron
  • Specialist
  • Boston, MA
Posted Jan 13 2022, 09:42

Happy New Year - I’m active mil living here in boston, unfortunately lost mom to cancer last Oct, she left a house and a rental property behind I have 50% stake in that brings in $1k a month.

Q:

House Mortgage $315k

Appraisal $470k

Interest 7%

Mortgage / Insur $2700

Location St.Thomas USVI

30yr

Leaning towards a refi for lower interest rate 3-4% & possibly asking for $350k to recoop some out of pocket renovation costs, house will airbnb or longterm rent for $3k a mo or more…in your opinion is a refi a good idea? All feedback is welcome.

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