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Updated over 5 years ago on . Most recent reply

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Rigo V.
  • Investor
  • Morris Plains, NJ
47
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294
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quicker and higher interest or slow and lower interest?

Rigo V.
  • Investor
  • Morris Plains, NJ
Posted

I have a property I was hoping to BRRR. I purchased and rehabbed with a HML and I am currently looking to refinance. I have a lender who is not concerned about seasoning offering me 6.5% interest on a 30 yr fixed. I have a bank that wants to see 6 months seasoning but offering 4.5% interest.

My question is  do you sacrifice cashflow to be able to get your initial investment back quicker and invest again or do you wait the six months and maximize the cashflow? 

Most Popular Reply

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Charles Carillo
  • Rental Property Investor
  • North Palm Beach, FL
1,915
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Charles Carillo
  • Rental Property Investor
  • North Palm Beach, FL
Replied

@Rigo V.

I would wait the 6 months to refinance and get the lower rate. You are renting it out anyway so the payments should be covered by the rent. I would also check with other banks locally and see what they can offer.

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