But with mortgage rates the way they are and with inflation high do you guys think its a good time to buy?

I dont think you have enough equity to refi and consolidate the two. combining them puts you at over 96% LTV. cash-out will likely max you at 75% LTV of the $450k, so raising your rate on the bulk of the debt probably is not the move if you still have to bring in $100k to do so. is your 2nd going to balloon soon?

However, your interest rate will likely be better.

Hi Steven, the best hard money lender will meet the following:1. be willing to work with you (ie lend you the money)2. give you the best rate and terms3. require minimum paper work from you 4. minimum collateral5. they have deep pockets Once you find a good hard money lender, make sure you treat them right.

I have heard interest rates are quite high there. 

Your Renter may have not paid for two years and now had to start at the rate from three years ago...insane stuff. 

Interest rates and high purchase prices are pushing a lot of people away from buying.

A good property manager can bring you quality renters that pay market rate.

You can get an LLC but you will get better rates if you purchase the investment in your name.

Is it true when underwriting small storage facilities that you should use a high cap rate between 12% - 15%?