Is it to early to refinance..?

Question

I purchased my first property with seller financing for 50k, I invested mostly cash with one small 10k loan. The downstairs is rented out as an antique shop. I completely redesigned the upstairs to an open floor plan 2/1 apartment. It has been 14 months since i started but like I stated before I completed the project myself, with cash, on nights and weekends. I still have some school loans to clear up and would like to do a few exterior projects and possibly update parts of the downstairs. I am open to any suggestions on wether to consolidate and refinance... Or continue the way things are.I owe roughly 40k on the private mortgage w a $551 monthly payment.

Jerry Ruday · Answer

I plan to hold this property. 
40k @ 7% and I have 9 years left but have to secure my own financing within the next 4 years. My 10k loan I am not worried about paying off right away. Right now I feel I am not making money becaus my income is going all over to school loans. I need to get these done and over with so I can move on and hopefully use some left over cash for a down payment on another property.... My long term goal is to buy and hold property.

Loc R. · Answer

There are a lot of missing numbers in the equation...

Private loan:

$40,000 at ___% interest over ___ months for a $551 monthly payment

Small loan:

$10,000 at __% interest over ___ months for a ___ monthly payment

vs.

Income of the property (now) and potential income

Don Konipol · Answer

what interest rate on you paying on the seller financed loan?  what is the term? is there a balloon?  what is the interest rate on the $10K?

Jeff S. · Answer

What are your longer term plans. If your ownership is short-term then keep existing financing. If you plan to keep, lock up permanent financing. Now is a fantastic time to do this. Consolidating loans (with student?) is a personal decision. Some like to keep the debt, others prefer to be done with it.

Lee G. · Answer

This is just a math problem... Figure out what your alternatives are and what it will cost. Do the comparison between these alternatives and your current situation.