Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 5 years ago,

User Stats

7
Posts
1
Votes
Ramin Rahimi
  • Rental Property Investor
  • Phoenix, AZ
1
Votes |
7
Posts

Rental property with 60k equity.

Ramin Rahimi
  • Rental Property Investor
  • Phoenix, AZ
Posted

Hi BP,

I am new to the business, I appreciate any advice in Advance. I have a rental property has about 60k equity. I bought this single family property in 2016 for 135k. I am assuming I probably have even more equity, since the price went up and the property price is about 200k now. I paid 60k cash towards my principal while I lived in it. I moved out, bought another house, and rented out this. I made a mistake paid all my money trying to paid off faster. I tried to refinance, to be able to buy another property, but my interest rates will go high from 3.75 to 5% because they consider it investment property since I don’t live in. I feel Like I am losing money not to be able leverage the house equity. What would you do in this case? Even if I refinance and buy another property I would probably have about 200 cash flow I feel like it’s not enough. Thank you everyone definitely learning for each of you.

Ramin

Loading replies...