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Updated over 6 years ago,
Morgage payoff - land contract
Hi guys,
Looking for some advice on this.
we have 3 rental property and our primary.
Rental 1) Value 190 000 with a mortgage of 75 00 at 4.8% 15 years fixed (with inlaws as co-signer)
Rental 2) Value 175 000 with a mortgage of 71 00 at 4.525% 30 years fixed
Rental 3) Value 150 000 on a land contract ballon in 3 years at 4.5% the ballon is 110 000
our primary house is value to 285 000 with a mortgage of 160 000 at 4% on a 30 year fixed
My question is what should we do with the "Rental 3"? I don't think we can get a conventional mortgage for this one. Pay one rental off and then re finance and get cash back to cover the land contract, if so Rental 1 or2?
Ideas?
Thanks
J