All Forum Posts by: Brianna H.

Thank you all for the replies. I really appreciate it. My goal for real estate is long term; I would like to use it to retire early. 

Yes, I have equity in both houses. My primary home is worth $165k and my investment is worth $120k. 

The main question from above that I would greatly appreciate being answered is the tax implications. Who has experience with this? If I were to pay off my investment, would I miss out on some tax savings or is it better to have the tax break on my primary residence? 

I realize I am just moving money around, and this won't help my cash problem, but my plan is to buy a new primary residence and rent out my current primary home in the next step. So for the sake of long term planning, I figured having a lower interest rate on all my investments would be the better option. 

Howdy!

I am looking for advice for the highest ROI over the long term. Here are my statistics:

Rental Property

Purchased: $100k

Balance: $76k

Loan Terms: 30 year, 4.564% ($389/mo)

Renting for $1300/mo with approximately 50% expenses 

($115/mo profit)

Primary Residence

Loan Terms: 15 year, 2.969% ($610/mo) with $390/mo for taxes/insurance

Balance: $65k

I want to buy more real estate, but I don't think we would be approved for another loan with our income limitations. I would like to buy another house before the 2 years of rental income is factored in...what are some of my options considering we do not have enough to buy a house cash? 

I was thinking about doing a cash-out refinance, 30 year term, for my primary residence to pay down the rental house. What are the tax implications of doing this? Is their a tax break for rental property that I could take advantage of by not paying the rental off?

Please let me know your opinions.