home equity loan refinancing investment property

[Ellen A.]

I now have 3 rental properties and one primary. Two of my rental properties are doing amazing and 1 of them is a money pit. I am at the end of my rope with spending. I went ahead and started the process to refinance 1 of my investments houses to get some cash to get the bad property up to par. I have excellent credit I'm just wondering if I making good decisions. When I project my budget out 3 years it looks like I'll be making a decent living. But right now I'm up to my eyeballs in expenses. This refinance will get me out of the red. I can pay off debts and might even have enough money to get another investment property. 

as we draw closer to the closing date I'm getting cold feet. is refinancing a smart decision? 

[Jerry Padilla]

@Ellen Alvarez

I don’t think it is a bad decision. Maybe get the house up to par and sell the money pit once ready? Or hold it to hopefully recoup your money at some point? Take it as a learning lesson.

At this point what other choice do you have? A foreclosure will hurt your credit for a long period of time and destroy your credit. If you can sell and break even maybe consider that?