Updated over 4 years ago on . Most recent reply
Turning current home into rental property but will have neg cf
Currently have a single family home that I contemplated turning into a rental.
Current loan is 2.625%, 74k owed, with a $521 mortgage payment. House is worth about $95k. House will probably rent for 750/mo. My 15 year mortgage puts this deal in a tough position
My options as I currently see it are
- - Rent as is and realize negative cashflow
- - Refinance to 30 year loan, (4 ish interest rate) but lower monthly payment
- - Sell house and look for other investments
- - Pay off mortgage balance to own property free and clear
Advice on how to proceed? What are my best options?