All Forum Posts by: Norberto Murillo Jr

@Dave Foster thank you for that information.  I guess I’ve been re-assured by all to hold on. With these high interest rates, now is not a good time. I will definitely check out your videos.

@Caitlin Logue hello. I have about 2 more years overseas, so I will keep them for now.  Once I return I have been thinking of  doing a 1031 Exchange to maybe get out of single family homes and into a property with multiple doors.  I’ve owned my CA rentals since 2004 and 2015. The NC is since 2019, so I can hold on a bit longer.  For the past 6 years I’ve been very aggressive of paying down my mortgages and built some good equity.  Now it’s time I start building some cash reserves. I’m having some big tickets items expenses popping up, replacing at my rentals.

@Jason Taken I was looking at different refinance calculators on my mortgage company website. One example had me lowering my payment for about $120 (7.5%) a month by refinancing my current balance. But by only reducing $120 monthly, I would be adding about 150 months to the loan term.

A 6.5% would only make a small increase of lowering payment by $220. But in both I would be starting all over again for 30 yrs

I have 3 properties (CA & NC). Should I refi and get extra cash immediately or should I refinance and lower my payment to build better cash flow?

CA House 1 rents for $2,310 my mortgage is $1,362 @ 6% ARM. PM takes the 10% of rent

NC House 2 rents for $1,350 my mortgage is $940 @ 3.5%. PM takes the 10% of rent

CA House 3 rents for $2,541 my mortgage is $2,290 @ 3.75%. PM takes the 10% of rent

I’m still military so I have my W2 and Overseas. So not comfortable buying right now if I come up with a lot of cash for my next property. So should I just lower my mortgage payment and build cash flow and save for a rainy day? Or Cash-out refi, but have that money just sit in my bank account until I return to the states? and Then buy another rental property once I return?