Live in brrr or live in flip? (Freeing my wife from the rat race)

[Kelly Potes]

Aloha from Hawaii,

Trying to free my wife from her current job so we can work our way to be full time investors.

We currently own a sfh with a monthly mortgage of $2900 and a balance of $570,000 @3.2%

To cut down monthly expenses, we want to rent out our current home, as we look for a cheaper (future brrrr/flip) home to move into. 

Any insight on:

Process, type of lending, how to acquire a deal, etc. would be greatly appreciated.

Thank you,

Kelly

[Jordan Sunshine]

ok well the cash out refinance is still not a very viable option. Do you already have enough money for the down deposit on your new place? Did you already talk to a loan officer about getting your current place assessed for rental price and seeing how much purchasing power you would have once they factor in your income from that property? Have you taken into account vacancy rates and water and electric costs as well as trash, sewer, internet and cable for your renters ontop of your mortgage costs and does it equal less than or more than what you would make from renting out your place? If it costs more are you willing to accept that loss per month ontop of your new mortgage until you can refinance your old mortgage to a lower price?

What honolulu mentor course are you talking about? The one from Mike Mazzella? If you are interested in learning even more (for free) i have an event coming up on the 19th from 3pm - 6pm and we can go over your situation and help you find out what path would be best to take.