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Updated about 2 years ago,
just asking for some advice as a new investor
my first brrrr and it's past my 6 months to refinance. with these new interests rates if I was to refinance I would be braking even. so here is my predicament. I used a HELOC for the down and rehab and I have good renters in the sf home.my HELOC is a 15 year fixed 5.9 and my primary is a 30 year 5.1.
so with the 15 payment and the 30 year I'm going backwards $100 a month however with the 2 I'm paying $400 month princibal. so I guess I'm making something just not in a (in my pocket) form..
the education I received is priceless.l and still luring.
In my original calculation I was going to refinance get all my HELOC cash back and start again. now with the interest close to 8 if I was to refinance I would break even if not loosing a bit.
the property is in the Midwest and I'm getting top market rent for the location.
so do I keep it where I am with all my money stuck so I'm back to saving money to reinvest or do I refi. realtor estate it's value is $175-180 I think I can up that with some curb appeal. I'm into it total around $143 so I have equity. am I stuck on cash flow as opportunity as passing me bye. yes I know I goofed, I'm proud I have equity in my first brrrr I could have done better. it's what you do with your mistakes that makes you a better person. thanks