BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated about 1 year ago,
im sooooo confused.. want help please
im stuck at the stage of refinance!!! BRR done but im stuck in the next R i mean refinance
270K refinance at 6% for 30yrs
total amount to be paid by 30yrs to the bank is 582k[270k +312k interest]
my bank will not allow me to pay it all at once [have to pay it over 30yrs acc to contract
if i sell the property now, it will be sold fr 350k
its a complete loss
so it means im stuck till my morgage reduces over time and value of property increases, if i want to sell it and make some profit right?