All Forum Posts by: Mike Fyodorov

Yeah..I'm at nearly 7% as it is. So frustrating to open CNN.com daily and see them advertise the low 3's and now in the 4's... >:-(

I guess the follow up question for my NYC / Harlem investors is how high are the values expected to go up over the next couple of years, in your opinion? 

It's been a steady climb for the past 7 years and I'm just wondering if I could make better use of the profits ( outside NYC) for example buying a MFH within an hour or so of NYC to live in and rent out to effectively live rent-free. 

Lets say I can get out with 400K, that will (obviously) do WONDERS for life, and give me the option to get my personal/family housing situation under control (we currently rent).

Alternatively lets say I hold it for 2-3 more years and see it increase in value another 100-200K. Will paying rent (aka throwing away money in my mind), not being able to refinance, and other life factors outweigh that potential gain?

Rant/thought complete.

Thanks a lot for the input, definitely something to consider. As for getting the money out I would probably leave the city at that point and find a much easier playing ground to work with.

First and foremost bad credit score.

Thanks for the reply Jonathan! 

I agree, based on all the information I've gathered (keeping up with data & living in Harlem) it keeps growing but I can't help wonder if having 300K to invest could outweigh the hold for the next 2 years. Not being able to refinance is a killer.

Hi everyone!

I love reading Bigger Pockets and I plan on becoming more active on the forums but for now I wondered if I could pick your brains.

Please note I'm aware there are probably more details that are relevant to making a decision (feel free to point them out so I can answer), but here is the question:

I own a 2 bedroom 2 bathroom condo in a luxury building in West Harlem, NY (140's)
Estimated to be worth 650K I owe about half of that in the mortgage and I've been renting it out making barely any profit (approx. $100-300 month) exclusively due to the high interest rate on the mortgage. 

Under ideal circumstances I refinance and my rate would almost be halved making the profit significantly more substantial. Unfortunately that is not an option for me, for at least another year, possibly 2.

What would you do in my situation and why?