Many work in the shaddows without proper licensing and it usually comes back to bite them.

Some numbers for the house:Purchase price was 275k, current loan balance is 235k, projected sales price would be $450-500kThe current mortgage plus maintenance is currently $2,200. 

 Hey BiggerPockets family,I was just approved for an owner occupant, Fannie Mae, 5% down with a purchase price of $1.3 million for a 4plex in the Phoenix Metro of ArizonaMy middle FICO credit score is 759My current DTI debt to income ratio is 30%I have enough down payment, closing costs for the subject property, and enough liquid reserves for all 10 of my apartment buildings totaling 45 units in PHX Metro AZmy mortgage lender quoted me with a rate at 8.125% with me paying 0.156 points totaling $1,920My question is,does this 8.125% interest rate sound reasonable for an owner-occupied fourplex 5% down Fannie Mae conventional loan as of March 27th, 2024, at 1700 hours?

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

My primary home, if sold, is prob worth around $2M and we only have $700k mortgage so tons of equity not being used.

The Mortgage would be around $3587/ month including insurance, taxes, Mortage insurance.

If you have a higher rate it’s not a bad idea, and most do not even know what recasting their mortgage is but I think it boils down to can you do better investing it

@Marysue ConnellyMake sure you understand your state and county laws and rules for proper notice etc.

For property taxes, they can foreclose on the property as well and the taxes would be superior to any and all mortgages. 

You can even purchase these properties with a low down payment mortgage.