Refinance my condo to pull $ out for investing OR sit tight?
Hi everyone,
I've yet to dive in. Just moved out of condo & am renting it out. Want to refi that condo to invest in multifamily. I have $100,000 left on my condo loan and am netting $900. If I refi to pull money out, my new much higher payment will mean that I'm netting nearly nothing. Is it a good idea to refi to reinvest or just sit tight and enjoy the $900 passive income? I'm about 5-7 years to retirement from education (not a money making career, but rewarding).
You're advise will be appreciated. Ready to take a leap.
Lisa