Updated over 7 years ago on . Most recent reply
From NFL Sidelines to Aspiring Buy & Hold Investor!
Hello BP! I signed up for an account a few months ago and told myself I was going to listen to every single podcast before I made my introduction. I'm actually a little bummed out now that I don't have anymore podcasts to catch up on during my early morning workouts!
A little background on me - I have my MBA and have worked in the NFL for about 5 years with both the Miami Dolphins and Denver Broncos as a Football Operations Assistant. My wife and I purchased our first primary home in Denver in 2009. After a few years, we decided to move our little kids closer to family in Western KS (in between Denver & Kansas City about 4 hours each way). We rented out our house in Denver so I have a few years of being a long-distance landlord under my belt. The house is on a 15yr fixed @ 3.75%. We have built up quite a bit of equity (thanks to appreciation & aggressively paying down our mortgage). But after reading books, forums, and listening to podcasts, I understand that making extra mortgage payments isn't exactly the best use of my money!
I feel like I should refinance now & use leverage to really grow & expand on buy & hold rentals. Deciding to pull the trigger on a refinance is hard when I have such a low rate and only 7 years left to payoff my mortgage! Also, my oldest kid will be going to college in 9 years so it would be nice to have that thing paid off.
The town I currently live in is not the best area to invest in - population is less than 2,000, property taxes are crazy high, and it's not exactly a growing economy. I would love to hear your advice & opinions on what I should do! Thanks for reading!!