All Forum Posts by: Jorge Uribe

Hey guys,

I am weighing pros and cons on whether to refinance or not.

1st rental property note is a 20yr 3.5%, I am into the 5th year on the note now with a balance of $119k. Home value is $250k. Lots of equity.

I have a $20k debt of another property renovation costs that I would like to pay off.

This house rents for 1500/mnth. Has some cashflow as of now. I can do cash out refi for the 20k @ 2.99% 20yr note with a payment of $1165. Current payment is $1265. Debt payment is $600/mnth.

Cash out to pay off debt and save $700/mnth and restart 20yr note and refi costs or not?

What other factors should I take into account?

Tha ks

Thanks everyone for your input. I need to do my hw and figure out rates and fees to make a better assessment.

Seeking advise from others experience.

I am working on strategies for funding next properties down payment.

I have approx. $80k in equity in one rental.

Do cash out refinance and keep my payment the same, but reset mortgage and interest, OR

Get a Heloc and increase my monthly payment?

@Moritz Bode

Vynil plank flooring materials are a newer trend that adds tons of value, is durable, looks great and is affordable.

@Kacie Benson

I know what you mean regarding HOA's. However, there are still several desirable areas in Palm Desert w/o those pesky HOA's. 200k and under are a very rare find in said area...

If you can spend a little more, house hacking is the way to go!

@Katie Lepore

Hi Katie, I am not opposed to working remotely.

I have two rental properties in CA. One is a house hack. looking for advise from a CPA for proper bookkeeping and tax planning who works w/RE in CA. I want to treat this as a business. Not looking for LLC set up yet.

Thank you

@Michael Class

30yr any day.

@Olufemi Olusanya so you are saying no DBA is needed if using a sole prop?

@Holly Williams I agree 100%. Thank you for the advice!