That house is a quick sell for 130k and I've got 100k in it so I think I've did pretty good on that one.I'm so thankful to have found these forums and after reading them for several days, I must say that some of the forum regulars are amazing resources and I thank you all for the willingness to share your hard earned knowledge.I realize that I'm new to this and I have a ton to learn, but I know a lot of that education is going to come from these forums.

There are people who are fine with paying a little toward the mort each month and taking the write off, but that seems like a foolish thing to me when you can be actually earning something on that money elsewhere.

I don't like earning 5% bank depoits either (taxed) because I want to invest right now, at this moment (or in the next few months) in real estate.

I'd rather have the seller paid-off and out of the deal completely before I put my hard-earned money and time into a property!

Mike,First, well done on earning a profit on the deal!

Other than that, I'm open to anything that can earn me a buck or two.

Would it be a better option to refinance for $58k and take the lower mortgage, or refinance and cash out and deal with a higher mortgage, possibly reducing the positive cash flow?

We sold a lot attached to a house so they wanted $5000 to reduce the mortgage they held on the house.

Lease/options can force you into a foreclosure situation even though you are the landlord.That said a lease/option can still be a good idea.If you use a rent credit that reduces the rent to below market levels the lender could have issues later when the person goes to exercise their option.

doesn't make sense to save the $1080 by paying an additional $5500 upfront (thats 20% return vs a 5% I would get from interest earned on a $5500 siting in the bank, so I am ahead 15% a year)..lets assume I will have enough funds to keep with the possible business pace to rapidly build my porfolio of rentals...please experts ...help me out.Thank You