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Updated over 4 years ago,

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3
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0
Votes
Miguel Lazo
Pro Member
  • New to Real Estate
  • New Jersey
0
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3
Posts

Refinance Advice for future rental

Miguel Lazo
Pro Member
  • New to Real Estate
  • New Jersey
Posted

Hi All, Looking for some suggestions and discussion to see if my refinancing strategy makes sense. Currently have a 15-year mortgage on my primary residence @ 3.325%. The current area is a hot rental market and long term I would like to keep this house and use it as a rental and move to another house. My thinking was to refinance to a 30-year mortgage at my current mortgage balance and get back 800 a month in cash and then rent it out in like 2-3 years when I save up enough cash for another rental and primary home. I have 50% equity on the home already so even if it doesn't rent then I can just sell and make a profit on this home. Also if anybody has any information on renting homes with a pool let me know. Thanks in advance!! Miguel

  • Miguel Lazo