To Refinance A Property Or Not…

[Ricky Gidron]

Happy New Year - I’m active mil living here in boston, unfortunately lost mom to cancer last Oct, she left a house and a rental property behind I have 50% stake in that brings in $1k a month.

Q:

House Mortgage $315k

Appraisal $470k

Interest 7%

Mortgage / Insur $2700

Location St.Thomas USVI

30yr

Leaning towards a refi for lower interest rate 3-4% & possibly asking for $350k to recoop some out of pocket renovation costs, house will airbnb or longterm rent for $3k a mo or more…in your opinion is a refi a good idea? All feedback is welcome.

[Ricky Gidron]

Thanks for your insight it is appreciated - after the properties in the USVI are squared away I may be interested in utilizing my VA loan for a property in New England, but just have to see how it all plays out @Lien Vuong