I HAVE TO RENTALS, I WANT TO PULL OUT $80-90K, REFI AND BUY 3RD

[Elian Stuff]

2-24-18.

HI BP

I HAVE TWO RENTAL PROPERTIES, I WOULD LIKE TO REFI ONE HOUSE, PULL OUT MONEY OUT FROM ONE HOUSE, AND BUY A 3RD RENTAL PROPERTY.

NOT SURE WHICH RENTAL PROPERTY I SHOULD PULL FROM SINCE EACH HOUSE HAS ITS OWN VALUE AND NUMBERS, ETC..

HOUSE #1,

BOUGHT IN 2001, PAID 217K

VALUE NOW IN 2018, VALUE IS ABOUT 330-340K

BALANCE ON LOAN IS $8500 (ALMOST PAID OFF)

LOAN RATE IS 3.2%, FIXED RATE

AT THIS MOMENT , CASH FLOW IS $541 A MONTH. (TENENTS ARE IN ONE YEAR LEASE TO EXPIRE 1-31-19).

IF I PAY OFF THIS LOAN NOW, CASH FLOW WILL INCREASE TO $897 A MONTH.

I DO NOT WANT TO SELL HOUSE.

HOUSE # 2

BOUGHT IN 2014, PAID 220K

VALUE NOW IN 2018, VALUE IS ABOUT 335-345K

BALANCE ON LOAN IS $151K

LOAN RATE IS 4.375, 30YEAR FIXED RATE SINCE TIME OF PURCHASE IN 2014.

AT THIS MOMENT, CASH FLOW IS $200 A MONTH

TENENTS ARE MONTH TO MONTH, HAVE BEEN THERE FOR 15MONTHS,  I DO NOT WANT TO SELL THIS HOUSE.  

MY TWO PART QUESTION TO BP MEMBERS, WHICH HOUSE DO I BORROW FROM,

I NEED TO PULL OUT $80K-85K TO BUY 3RD HOUSE.

• 1. DO I BORROW FROM HOUSE # 1 AND PULL OUT CASH, BUT MY NEW INTEREST RATE WILL RISE TO ABOUT 4.5% (FROM 3.2%)

2. BORROW FROM HOUSE # 2, PULL OUT CASH BUT MY NEW RATE WILL RISE TO ABOUT 4.5% (FROM 4.375%). 

 I WILL PULL OUT 90K AND TAKE $8500 AND PAY OFF HOUSE # 1,

THEN TAKE REST OF CASH AND BUY 3RD HOUSE WITH LEFT OVERS ABOUT $83K ?

WHAT AM I MISSING, WHAT SHOULD I THINK ABOUT,  I AM NOT INTO EXCEL CHARTS, AND CRUNCH NUMBERS, NO IDEA ABOUT THAT.

I AM LOST AND CONFUSED, ANY TIPS I WILL APPRECIANTE FROM BP MEMBERS !

THANKS

ELIAN