Updated almost 4 years ago on . Most recent reply
what is the next step? 1st rental property
My wife and I are taking our first step to REI by turning our condo into a LTR in (Valencia)Santa Clarita,California. Ive done the DD in my area as far as comp rental prices and management companies. Our main concern is to find out if it is worth refinancing our condo before taking any other moves before renting it out.
We are shopping around for the best deal, so far we found a low interest rate but obviously the closing cost is pretty high.
we plan on keeping this condo as long as the cashflow makes sense (10 years or more)
Ive ran the numbers and the cashflow is in our favor, but "can we take advantage of the low rates lenders supposedly have?" any advise on this ?
Is it worth to refincance even though it will take YEARS to break even with the closing cost?
and we would like to tap in our equity to purchase another property, what move would be best, cash out refi or Heloc, etc.?