Any recommendations for investment property refinance
Does anyone in the Columbus area have any recommendations for parties to work with on a potential investment property refinance? I have a duplex located in Old North Columbus that I have a current 30 year mortgage on. Bought it in '08 as an owner occupant. Right now I have 22 years left at a 5.25%. I am looking to jump start my investing again and thinking about a refinance with cash out on the existing loan to a new lower 30 year rate. Right now I owe about $120K on the existing loan and in looking at recent duplex sales in the area I'm thinking the property could appraise for maybe $225K. If I could do a 30 year refinance with cash out I'm thinking I could take about $50K of equity out of the property to acquire more properties and with the lower interest rates could probably keep my monthly P&I close to the same to continue the cash flow.
So maybe I have two questions:
1) Does anyone have any lenders they work with and could PM me with their information?
2) Does this plan even sound reasonable or would I be dumb to pull the equity out to buy more?
Thanks in advance!