He quoted me a rough estimate of 15k - 25k.I figured that the extension would possibly build some equity and raise the property value while bringing in enough cash monthly to cover the mortgage without me having to really come out of pocket from the paycheck I already make at the shipyard.

Sometimes older folks don't regularly raise the rents.

Put yourself into the landlord's shoes: He's had a longterm tenant, while he couldn't raise the rents to market levels.

I have one where I pay the bill and just raised the rent to cover a little above normal use, with a statement in the lease that they are responsible for any overages, and that it will be applied to the next months rent.

If you can Refi and take out say $50k, and raise rent a little and keep the same cash flow, I'd lean towards Refi.

Purchase: $250,000 Cash to close: $48,750 (15% down at 5%, owner financing) Monthly Rent (one commercial space, one residential home, one studio-sized residence, 1 garage): $5000 Monthly: Tax: 1666 Insurance: 250 Vacancy (10%): 500 Repairs (5%): 250 TOTAL: $2666 NOI (5000-2666): 2334 Mortgage: 1141 Total Cashflow: $1193 CAP rate: 5.7% Cash on Cash: 29% I can also put my own business in the commercial space for $2500 of that $5000, which would raise the occupancy rate slightly.

The one thing that we are ccurrently having an issue with is raising money for business start up costs.

I just hope I can raise it sooner than later.

Then, after I got a handful of homes via creative financing and investor-friendly loan programs, I went larger and did a syndicated deal where I raised money and brought in investors to share profits of a large property.Tons of ways to do it.

I realize that for certain investors condos are a niche they like to play, personally I see too many uncontrollable variables and constraints with little upside, control or in many cases appreciation opportunities.With little control over a HOA that inevitably raises fees and charges periodic assessments that are likely expenditures you would not prefer or receive any financial benefits are inevitable in most cases but surely cut into your profit margins, plus these associations can make renting more of a tedious task than necessary.Also, the upside for any rehabs or overall appreciation will be directly tied in to the entire complex.