All Forum Posts by: Chance Noffsinger

Thanks Whitney. The cash flow would 100% be used for additional properties. I am not 100% certain on HELOC rate, but would guess in the 4.5% to 4.8% range.

Honestly, if there is a leveling off here in Boulder soon, I may just cash out on the property altogether.  I could do a lot of investing/purchasing with the equity.  My gut feeling (and also Excel worksheet) is to hold the 15 year at this really low rate.  I managed to confuse myself when I saw that there are 100s of forum posts saying always do a 30 year over a 15, but justifying a 2% increase in interest rate to generate a little over $1000 in cash flow didn't make much sense to me.

Thanks for your input.

Last piece of info that is probably pertinent, I currently have a little over 400k in equity and the property was appraised for about 690k a year ago.

To add to that, my other idea is to get a LOC loan on my 15 year if I need it and forego the cash flow altogether. With my tenants paying down about 18k per year right now and the 10+% appreciation per year, it seems a bit extreme to refi for the extra 14k in cash flow.

Hello All, I am new here to BiggerPockets.  I know there are a ton of posts on 15 year vs 30 year mortgages, but I did not find one that fit my scenario.

I currently own a Single Family rental in Boulder, CO.  It used to be my primary and I refinanced to a 15 year in 2011 at 2.65%.  I have almost no cashflow on it.  Now that I want to build a rental empire, I am tore on doing a refi to 30 year at 4.7% to have the $1350/month in cashflow.  I am really torn on going to a 30 at a much higher interest rate, but I can do a lot with the extra cash.  Any advice on this would be helpful.

Chance