Should I refinance my duplex

[Maricell Hall]

I originally purchased my duplex  for about 320K The current market will Appraise it for at least 600k-700K. Should I refinance? Should I take the maximum out? buy another property in another state? I wanted to hopefully finish the basement and turn it into a legal apartment. If I do this I can easily add an additional 2400-3000 a month. Currently my mortgage is 2250 this include property taxes,  insurance, water and electricity. Im currently collecting  4750. If I  refinance  the mortgage will jump to about 2700. Please help!

[Maricell Hall]

Originally posted by @Eric Johnson:

@Maricell Hall hey Maricell!

This all depends on what you want to do after the refinance, do you want to pull out the equity to buy more property? You need to assess the return you will be given on the new property to see if it the new returns outweigh the new debt.

You’ll need a complete vision of what you what to do to get a clear direction. Happy to help.

 I will love if the new investment return will outweight the new debt. I will keep that in mind. Thanks for the feedback