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Updated 23 days ago, 11/25/2024
Sell this cash flowing single family home or refi (Cash needed for fix and flip)
Hey Bigger Pockets folks!
I'm a buy and hold investor with a conundrum. I have a single family home with 130k equity renting steady as a medium term furnished rental cash flowing an honest $900/mo. I can't live off 900/mo and the appreciating side has slowed to a stall. I have the tools and the education now to start flipping homes in my area and need roughly 75k to get started.
The big question...dscr refi this rental or sell it? If I go through with the DSCR refi the rate jumps from 3.25 to 8.5. The monthly payment all in jumps from $1346 to $2400 (making the cashflow disappear). If I sell it, I can pay off my car and jump right into my first flip. Is this a no brainer?
Any pointers would be hugely considered and appreciated.
Paul C.