My Next Step?!

[David C.]

I own two homes on Long Island, NY. First one was a FHA for 200k. It has 148k left on the loan and is a legal J2/multi family completely rented. I bought a second home for 156k with 20 percent down, remaining mortgage is 117k. Both properties have rather high interest rates of high 4.375 and 5.125. Both properties are valued at 300k. I have finished all renovations in second house while living in it, I am ready to stay in it and invest in the third one or rent it and move into the third one. Is a double refinance pulling the equity out for lower interest rates and a cash purchase/rehab the best option? Only option? I do not have the 20 percent liquid to put on another investment property right now but would like to move to the next.

[David C.]

I can refinance both at 300k, that is my initial plan, I was seeing if there is something else I could do. Or if there is a better route. I know cash is king, and equity I steal I will be gaining right back with a cash purchase, lower interest rates will keep payments closer to what I'm paying now.