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Updated over 6 years ago on . Most recent reply

User Stats

18
Posts
15
Votes
Johnny Nelson
  • Rental Property Investor
  • Minneapolis, MN
15
Votes |
18
Posts

Refinance after addition? Possible rent wouldn't cover mortgage

Johnny Nelson
  • Rental Property Investor
  • Minneapolis, MN
Posted

Starting out in REI, (wanting to househack soon, and buy a duplex). I bought a single family last year and wanted to rent out. However, rents are low in my area, and wouldn't cover my current mortgage. Hence I need to decrease my mortgage payment and or get more possible rent, or possibly sell. Hence, I'm considering adding on a bedroom and bath and refinancing, (also I could add a small bedroom in the basement for 1/4 cost of addition, probably more aligned with making a rental). Make sense? Should I just sell as is? Refinance now and save on mortgage payments asap?

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