I am in mid twenties and have a house that is fully paid up.
The rental income is around 5%/annum.
I read a few articles about stocks, and as we all know, this is the best time to invest in stocks.
As the return is always higher for stock and they are cheap nowadays.
Should I sell my house and go for it? Or refinance the house?
Or stay the same??
And of course, I am still optimistic about the stocks in long term.
Please advise.
I bought my primary residence 2 1/2 years ago for $60,000 and place $20,000 into it (it was a “fixer upper”). It now appraises at $145,000.
I plot on refinancing my $60,000 mortgage to pay for the debt of $20,000 (mixture of credit cards with 0% intros that are running out!) and to make a 20% down payment on an investment property (so I can dodge PMI). I plot on getting another slight “fixer upper” and only want to place in 10-15k into it. I will rent it out for a year or so until I reckon ive reached a excellent profit and sell it. Plus I only want to have to pay 15% tax rate instead of like 33% (long term investment).
I am not familiar with refinancing. Should I first get a contract on a property so I can refinance just enough to pay the debt, 20% to place down on the house and alittle money to fix it up? OR should I just estimate and refinance now and keep that money in the bank. I would **** to pay interest on money just sitting in the bank. Or do you know another way of doing it?
I owe about 20% of the value on an investment property. Should I refinance the house to get equity out and pay off everything I owe and be debt free other than my primary residence mortgage and this investment property mortgage? Its pretty tempting to only have two house payments and attack them aggressively. FYI – I have a excellent history of keeping the house rented for well above what the mortgage payment is.
Only Dave Ramsey listeners/smart financial debt free people respond please.
I have a lot of credit card debt, student loans and a mortgage from an investment property in Oklahoma that’s vacant. I need help! Terribly!
I just refinanced my home last month and got a much lower rate and payment. Of course, this means my mortgage was paid off and a new loan was initiated. Does this affect my credit in a way that would hamper me being approved for a mortgage on a new investment property?