All Forum Posts by: Miguel Lazo

Hi All, Looking for some suggestions and discussion to see if my refinancing strategy makes sense. Currently have a 15-year mortgage on my primary residence @ 3.325%. The current area is a hot rental market and long term I would like to keep this house and use it as a rental and move to another house. My thinking was to refinance to a 30-year mortgage at my current mortgage balance and get back 800 a month in cash and then rent it out in like 2-3 years when I save up enough cash for another rental and primary home. I have 50% equity on the home already so even if it doesn't rent then I can just sell and make a profit on this home. Also if anybody has any information on renting homes with a pool let me know. Thanks in advance!! Miguel

Thanks for the reply Christine!

I'm considering buying a duplex property, but the GSMLS states that the renters' lease does not expire until 2022 and 2025. In addition,  the rents are about 15% below the average for this area in New Jersey. Can I have them sign a new yearly lease with higher rents or if I buy the property do I have to stick with their original lease. I'm assuming since I'll be a new landlord their lease is voided??