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Updated almost 3 years ago,

User Stats

9
Posts
1
Votes
Chris Coffman
  • Rental Property Investor
  • Richmond, VA
1
Votes |
9
Posts

Should I REFI or Not?

Chris Coffman
  • Rental Property Investor
  • Richmond, VA
Posted

Hello, I'm looking for advice on a possible REFI and if it makes sense. I'll try to keep it short. :-)

I purchased a SFH and used a HELOC I had on another property to pay for the rehab. The rehab came out to be about $28,000. The rehab cost ended up being about $10,000 more than I thought it would be. My first thought was to just pay the HELOC down so I could use it again. After doing the math, it looks like it would take me about 2, 2 1/2 years to make that happen. I'm fairly sure there's not enough equity in the SFH to do a BRRR. The HELOC property has a 15 year loan on it so, I was thinking of refinancing the HELOC property and paying the HELOC off while turning the 15 year into a 30 year. I believe this would still be a much lower payment then I'm currently paying on the 15 year loan. Some of this would also for personal interest because it would make me feel better to not have the extra HELOC to worry about.

I'd really like to see if anyone has any ideas I haven't thought of before I contact the credit union for a REFI.

Thanks for your input! 

Chris


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