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Updated over 4 years ago on . Most recent reply

Dree Hayden's profile image
Dree Hayden's profile image
Dree Hayden
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Dree Hayden's profile image
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Dree Hayden
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Dree Hayden
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Starting Out

How Do I Lower My Monthly Mortgage So I Can Rent Out My Home?

Dree Hayden
Posted

My current mortgage for my townhome is about $2,000. FHA loan first home. Rent in my area is about $2,200-$2,400. How can I lower my mortgage to make it worth renting out? I would like at least $500 plus in positive cash flow.

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Marco G.'s profile image
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Marco G.
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  • from Dallas, Texas
  • Member since May 18, 2015
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Marco G.'s profile image
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Marco G.
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  • from Dallas, Texas
  • Member since May 18, 2015
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Marco G.
  • Investor
  • Dallas, TX
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Marco G.
  • Investor
  • Dallas, TX
Replied

@Dree Hayden

Refinancing is the only way to reduce your monthly debt service obligation short of paying it off (which you probably don’t want to do). Keep in mind depending on the term you choose you could be starting all over again and they may not be in your best interest.

How long have you had the property, what is your rate, and do you have PMI? What is the value? Can you refi?

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