All Forum Posts by: Allison Spencer

Hi all, I'm in need of advice.We have 130k equity in a rental home in Mesa, AZ. We are on a 10 year, 2.99 interest and only have 5 more years till it's completely paid off. We are paying an additional $200 a month because rent isn't bringing in enough to cover our mortgage and HOA. We are paying $1480 and renting it for $1300. So, should we 1) continue doing what we are doing and in 5 years once it's paid off, we will have $1300/mo in passive income 2) sell this home and take the equity of 130k and pay cash for a home that would generate about 800/month right now 3) refinance this home back to a 30 year or 4) any other ideas. Thank you!