To REFI or Not to REFI, that is the question....

[Dan Krupa]

Hi everyone, looking for some advice. I will be leaving a well paying W2 job in 10 months to pursue REI full time. We currently have a property with a mortgage of 2.75% at 15 years. We are currently losing approximately $400 a month on that home with repairs, cap x, and PITI. However, we gain 10k in equity every year and write off the loses on our taxes.

We could REFI to 3.5% at 30 years and PITI would change to $820, I would set approximately $200 to $250 aside for repairs and cap x.

Home rents for $1095 a month.  

Our thought is to REFI to the 30 year now that we won't have my W2 job to cover the loss every month.

Thoughts from the community? (Better to gain the equity or have the cash?) 

Thanks in advance