All Forum Posts by: Sharita S.

We currently have two rental houses. I'm wondering about refinancing our primary house to free up a line of credit to purchase another rental property. What are the downsides to refinancing? The rentals we own free and clear.  Our primary has 11 years left on a 20 year with an interest rate of 5.375.  The primary has about 400k in equity. 

Darren Budahn, thanks for your reply.  The interest on the primary is 5.375.  I know that rates are significantly lower right now I am just not sure how to make them work for me.  Cash out refi to have a downpayment for another rental?  Refi back to a 30, cut my mortgage in half and have more monthly to invest.  Refi to a 30 to lower debt to income ratio and have no problem getting financing for a rental?  Any suggestions?

Hello, I would love some advice on how to proceed.  We would like to purchase another rental, and don't know the best avenue for financing the purchase.  Current situation

Prop 1SF  No mortgage.   Value 50k  rented for 700

Prop 2 DP No Mortgage.  Value 105k rented for 1400

Primary  11 years left on a 20  apr 5.375   400k+ in equity

I am just really unsure of which direction to take. Sharita

Hello all, I am Sharita Scott from Orlando Florida area.  I stumbled upon this site last night and have not been able to stop reading.  I say that we are an old investors because we have had two rentals for about 11 years.  On the other hand, we are new because I don't feel like we have a clue about what we are doing.  I am sure that we have made plenty of mistakes along the way.  I would love to grow our portfolio ( saying portfolio sounds cool, not sure it really appiles if you only have two investments). I am looking forward to being able to share my experiences and gain some much needed knowledge.