Refinancing will change your mortgage rate, and if it’s worse than your current rate, it’s not worth it unless you’re getting a great deal.

@Eric Yu, @Brad Jacobson, I bank at MACU, but I use a mortgage broker for most of my loans.

The property was rented and generated $160 cash flow after mortgage, taxes, insurance and property management fees were paid.

It may be best to partner with someone that has done one before or somehow is a local expert on lot splits.If you can add a bathroom into existing space on high cost property it can add a lot of value.  

I am bullish on the FHA 203k and home-style renovation loans that allow you to leverage the cost of your renovation as part of your mortgage, which is just an insane deal, in my opinion.Do you have a specific area where you want to purchase?

And the big kicker is we would only do it if you had the first mortgage with us already.

That would be best option as a traditional bank wouldn’t do this I read that I can assume the existing mortgage.

Have you refinanced this into a long-term mortgage?

There is no UBIT because your investment isn't leveraged with a mortgage or debt.

Looking to get into some smaller apartment buildings in the near future.As far as the difficulties of investing in Japan, I of course agree with everything said, but in my case I'm at near-native fluency and own and manage my own business separate from anything real estate related so even without permanent residency I've never had trouble getting a loan (except of course I can't get some govt backed ones like a primary residence mortgage) for business or investing.I'll try to get in touch with everyone local to よろしくお願いします。