Refinance for more cash flow?

[Austin Gleave]

New to real estate and am wanting advice on a current property that I have rented. It was my primary residence before I rented it out. It currently rents for $1750/month with great tenants who just signed for 2 more years mortgage on property is $1692 so not much cash flow. I have around 40k in equity in property and am wondering if it would be smart to refinance property? I have looked around and can get a 4.25 30 yr fixed payment will then roughly be 1200/month closing costs will be around $6,200.

[Chris Szepessy]

It doesn't seem worth it at this point. $40k isn't a ton of equity. It's too late now since you are in a 2 year lease, but is your rent at market rate or above? Are there small improvements you can make to increase the rent? 

Instead of a regular refi, I took out a home equity loan to refinance my primary home from a 30 year to a 15 year loan. No closing costs and lower interest rate. And it kept my payment close to what I was paying before since my original interest rate was much higher. Only downside is taxes/insurance aren't included in the payment. I'm not sure if they do home equity loans for 30 years, but if they do, it might be worth looking into to save the $6000 in closing costs.