Refinance at current interest rates or wait...

[Harry McNamara]

Hello BP community! 

I'm looking for a little feedback on a property that I own, I'm playing around with the idea of doing a cash out refinance, but the interest rates are giving me pause. Wish I had done it back in the Spring, but don't we all. Here's the details. 

2 family duplex in Upstate NY. $106,000 remains on the mortgage, value is $265,000. Currently the property is cashflowing $1000/month after all expenses and CAPEX holdback for future maintenance projects.

Would you mess with it? I could pull out a large chunk of equity at near 7% rate, and use it to purchase a new property, plus allocate some funds to repairs and updates for the property and for my personal home. Of course it's all subjective, but I'm going in circles and I would love to start a discussion about some options. 

Thanks for your thoughts!

[Galen Ikonomov]

I would not touch these properties at the current cash flow you've got. I would not be super leveraged in this kind of environment. What I would do though is looking to get a HELOC on my primary property and use that cash to purchase more properties that would give me $1000 a month CF.