All Forum Posts by: John Morgan

Thank you Matt. Great advice. 

Here’s a quote I got from loan depot for a 110k 30 year loan from my property free and clear. Closing costs for everythIng (including $1,600 origination fee) will be $3,600. My monthly payment for principle and interest will by $672/month. Interest rate is 6.125% fixed for 30 years. So...can I recoup this $3,600 loss eventually and be positive cash flow on a couple new rental properties (preferably with tenants in place)? That’s the question I’m weighing. I hate debt. But would also like to use some leverage to make a better return. Decisions, decisions... Any advice would be welcomed for my situation. Thanks!

I’m in the same boat. Just talked to lenders to see what it will cost me to pull out 100k so I can buy a couple more rental properties. I hate to take on more debt, but if my cash flow is close to what I was getting then I might pull the trigger and go for it.