Most important next step

[Dan Oconnell]

Hi everyone, My wife and I are embarking on this real estate investment plan. We want to make sure we are going about it the right way. Right now we live in a single family fixer upper. We moved here a year ago from our first home which was a duplex. It rents for 1500 total with a mortgage at 550. We are looking to invest more and build our portfolio but want to make sure we have a solid foundation. We were thinking about refinancing our duplex because we did a lot of work and think it’s worth a lot more today than it was when we first bought it. My wife and I go back and forth about extending the mortgage vs paying it off. We don’t know what our most import next step is. Can anyone offer some tips? Thanks you are all awesome I’ve already learned so much.

[Tyler Combs]

Originally posted by @Dan Oconnell:

Hi everyone,

My wife and I are embarking on this real estate investment plan. We want to make sure we are going about it the right way.

Right now we live in a single family fixer upper. We moved here a year ago from our first home which was a duplex. It rents for 1500 total with a mortgage at 550. We are looking to invest more and build our portfolio but want to make sure we have a solid foundation.

We were thinking about refinancing our duplex because we did a lot of work and think it’s worth a lot more today than it was when we first bought it. My wife and I go back and forth about extending the mortgage vs paying it off. We don’t know what our most import next step is.

Can anyone offer some tips?

Thanks you are all awesome I’ve already learned so much.

 Your next step is to talk to a mortgage broker and find out how much you can borrow and at what rate, then you can do some math and start looking at investments that will earn you that spread between cost of money and the new investment.