All Forum Posts by: David Cole

Thank you all for the feedback.  There is a wide range of opions here.  I'm still not sure what I'll do.

I should mention the fact that I expect little maintenance cost for some time.  All the appliances, windows, and HVAC have recently been replaced.  Floors refinished and new paint.

While it is tempting to sell the condo, hanging onto it will provide piece of mind in case things don't work out with my fiance & I need to move back into my condo.  

I will most likely move in with my fiance in a year or so & rent my condo out. With mortgage rates very low, I'm thinking of refinancing my condo in anticipation of this move.
Currently my mortgage principal & interest, condo fee, and property taxes are $2,100/month. My current mortgage has 94 months remaining and is 3.25% fixed.
The condo would rent for $1,500/month. So I'd need to contribute $600/month on top of the rent, leaving no cash flow for repairs or whatever.

I could refinance to a low/no cost 3.25% 15 year fixed mortgage & the monthly principal & interest, condo fee, & property taxes would be $1,433/month, leaving $57/month in cash flow.

Or I could refinance to a low/no cost 3.875% 30 year fixed mortgage & the monthly principal & interest, condo fee, & property taxes would be $1,150/month, leaving $350/month in cash flow.

I have no intention of selling the condo, so am leaning towards the 30 year mortgage for the extra income. But I have no experience with this type of decision. Do you have any recommendations or tips?