Last summer I did a full rehab on a low-cost condo unit that is serving as my primary residence but bought with the intent of being folded into my rental portfolio in the future. I have ~$30k in equity from the rehab.
My goal is to put my self in a position to purchase a BRRRR property in 2020. My original intent was to do a cashout refinance (approx $25k cash out after closing cost) in late 2019. However, interest rates continue to fall (which is good) BUT it seems the housing market generally may have peaked, which could impact my appraisal value if I wait.
As far as I can tell I have 2 options:
1. Wait to refinance until late 2019/early 2020 and hope that interest rates stay low AND hope that real estate values remain relatively steady so I can get my estimates appraisal value.
2. Refinance now, lock in the low-interest rates and relatively high real estate values BUT have to carry the increased debt load and just sit on the cash for a full year until mid-2020.
What would you do in my situation?
