What would you do?

[Nate Barbee]

"We're not broke, we just don't have any money." -Phil Knight: Shoe Dog

What would you do? I'm going over options on a cash-out refinance. I've been expanding in secondary markets the last 24 months and putting every bit of cash from my W2 job into the down payments. Have I been expanding? Yes. Am I liquid? Absolutely not. Everything in life is situational, but which one of these options would you choose? I'll keep the numbers simple, 75% LTV on a condo appraised for $103,000 ($77,250 loan amount). I owe $57,000 on the property, collecting $1,050/month in rental income. My current rate is 4.75%, all 3 options are for a conventional 30 year fixed loan. Interested to see the way other investors think.

Rate, all in monthly payment, closing costs

1. 4.875%, $792/month, $4,000 closing costs

2. 4.75%, $787/month, $4,600 closing costs

3. 4.25%, $764/month, $5,600 closing costs

Regards,

Nate Barbee