All Forum Posts by: Michael L.
Michael L. has started 1 posts and replied 4 times.
Post: Newbie here, rent or sell my house
- Posts 4
- Votes 0
@Rodolfo Canon I got shut down by his assistant. She was only willing to help with a loan. If you have insight into my issue I'd be all ears. :)
@Thomas S. When I calculated my Cash on Cash, it was only around 5% and that was generous. To me that means I would be better off with returns in the stock market of 7-10%. Am I thinking about this right? Thanks for you input.
Post: Newbie here, rent or sell my house
- Posts 4
- Votes 0
@Jeremy Roberts I'm not going to do the cash out, just refi to a lower monthly payment so I have the option of more cash in my pocket, use it to pay on principal when I don't need it or use it on other investments that make more then the interest rate on the mortgage. Once I get that, I'll apply for the HELOC which I'll use for down payment on a second home. I hope this is the right approach. Thanks for your thoughts.
Post: Newbie here, rent or sell my house
- Posts 4
- Votes 0
@Vick Galu Seems like I would have less cash flow. No?
@Jeremy Roberts At first glance, HELOC rates now are closer to 5-6% range, sounds like you guys got a deal! My current mortgage is at 4.625%. I was going to get the HELOC after the refi for my next buy unless I can get it a deal closer to the rate you did for old loan payoff.
Post: Newbie here, rent or sell my house
- Posts 4
- Votes 0
Just thinking about becoming a landlord. I live in the Denver area. My home is worth around $400k. I owe $92k with 13 years left on the original mortgage with a monthly payment of $1200. Advice from a friend who's works in RE suggested that I should rent instead of sell and refi to a lower monthly payment, which would be around $825 a month, before moving out of state. Rent for comps in my area is ~$2400/month. I really want the $300k in equity working for me but don't have understanding of how to do this in the best way. Help please.