Updated 2 months ago on . Most recent reply
Financing Suggestions Please.
Hello community,
New member here!
Hopefully I am posting this in the correct spot.
Looking for advice on the best path. I have two properties to discuss, one is a rental SFH generates about 200k gross revenue. I owe about 300k it's worth 3.5m plus. I have had it for about 24yrs. Taxes and insurance $1400 month. Payment is $4925 includes t&i.
The other property is a condo I am going to put it up as a furnished rental minimum of 31days rental because of HOA. 60k project gross rev. I have rented it many years ago and it did well.
I owe 165k. Worth 700k t&i is $380 month. Payment is $2493 includes t&i. I have had it about 20yrs.
So I would like to refinance and cash out about 700k and use about 200k as a dp for my next property.
I would appreciate any suggestions, ideas and options. There a bunch of paths I can take.
Thanks in advance.