Cash-Out Refi or Refi to Lower Payment
I have 3 properties (CA & NC). Should I refi and get extra cash immediately or should I refinance and lower my payment to build better cash flow?
CA House 1 rents for $2,310 my mortgage is $1,362 @ 6% ARM. PM takes the 10% of rent
NC House 2 rents for $1,350 my mortgage is $940 @ 3.5%. PM takes the 10% of rent
CA House 3 rents for $2,541 my mortgage is $2,290 @ 3.75%. PM takes the 10% of rent
I’m still military so I have my W2 and Overseas. So not comfortable buying right now if I come up with a lot of cash for my next property. So should I just lower my mortgage payment and build cash flow and save for a rainy day? Or Cash-out refi, but have that money just sit in my bank account until I return to the states? and Then buy another rental property once I return?