Should I Refinance or not

[Cory Carrigan]

I currently own a duplex with a family member holding the mortgage.  $75,000 over 10 years at 4.25%.  About 8 years and $60,000 left to payoff.  I was thinking of refinancing with a local bank for $60,000 over 30 years at 5%.  The reason is there is almost no cash flow currently but with a 30 year mortgage I'd have a cash flow of nearly $400 a month.  Am I crazy or does that make sense?  I eventually want to have enough cash flow to replace my regular income.