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First REFI (7.625% rate)
Good afternoon all,
Looking for some quick advice as this is my first REFI and I am having alot of doubts. I bought this property in college, renovated it while renting out the spare rooms and no use the property as a long term rental. I would like to pull the equity so I can continue building my portfolio. However I am having doubts- rates are so high right now I will be making under $100/month in cash flow. My cash out will be 66k, which is very exciting, but I will need a 16% return to justify the loss in cashflow. Below are some additional numbers:
Previous loan:
88k
2.75% int
$950/month cash flow
New loan:
168k
7.625% int
100/month cash flow
Please let me know what you think of this.. I can REFI when rates get low again- but there is no telling how long that will be and it costs 5-10k to refi.. Any advice is greatly appreciated!!