All Forum Posts by: Ryan Miller
Ryan Miller has started 14 posts and replied 32 times.
Post: Should I Refinance or Not?
Ryan Miller
Posted
Pro Member
- Rental Property Investor
- Owings, MD
- Posts 32
- Votes 9
Post: Should I Refinance or Not?
Ryan Miller
Posted
Pro Member
- Rental Property Investor
- Owings, MD
- Posts 32
- Votes 9
I purchased a single family home 12 years ago with a 30 year loan. I bought this property to live in and didn’t have plans to rent it. Three years ago I got married and started a family so we needed a larger home. I turned it into a rental but since I didn’t plan of it being a rental originally, the property only cash flows $50 a month. Should I continue the current path of making a little each month with almost 1/3 of the loan paid or refinance? I can refinance to a 30 year and lower the interest 1.4% and add over $200 more in cash flow per month.
Advice?