By reducing the principal balance, your lender recalculates your monthly payment based on the new, lower balance.How Does Mortgage Recasting Work?

Property taxes will likely be reassessed based on the transfer value, so confirm local rules to anticipate potential increases.If you hold the property for at least one year, you can use the equity as collateral for a construction loan, aligning with your long-term financing plans.

Here’s my perspective based on personal experience.For some context, I’ve been investing in real estate since 2019, primarily in Detroit, while living in California.

My name is Sonya Waites and if you have questions, I don’t mind answering them based on my own personal experience.

The cash flow that you need to achieve should be based off the rest of your portfolio and your financial situation as a whole.

I'm sure it was highway robbery - it certainly was based on the man-hours it took - but when you are in a desperate situation, you do what you have to do to get yourself out of it.  

I would recommend you begin researching Chicago based meetups as there are a bunch of really good ones.

Reaching out to the community to make sure I'm not off base here to immediately think to decline this offer.  

Across the remaining portfolio, I have a really good amount of equity which I can tap into based on opportunities but need to finish cleaning up my personal debt prior to going that route to get best rates etc.

We've invested around $50,000 in improvements (central air and hardscaping) and our mortgage is a 30-year fixed at 2.5%, with a PITI of $2400.We think it could rent for $3,750 - $4,000 per month based on local comps.