To refi or not to refi

Well, it depends on your goals...if you want cashflow, obviously $700 is more than $600. But, if you are looking more long term, you can take that $100 per month hit and bank on selling the properties for a profit in the future. I'm a mortgage broker so I watch rates every day and, if you are leaning toward cashing out on your current rentals, now is a better time than ever to do it as rates are EXTREMELY low. When you cash out, you will likely receive a higher rate because the banks view this as a riskier loan. So, talk to your broker and have them give you a rate that they can pay your costs for you, make the higher payment for about six months, then refi again at the par interest rate. This way you only pay for your closing costs once and you don't have to pay points to get the par interest rate. This sounds like a process but, you will end up paying less in interest over the long run.

Hope this helps!

How are you? It's been a long time my friend.... If it makes sense to refi and cut cash flow to bring more cash flow then do it. I think you should try to get a deal with NO money of your own, but if you're not confident doing that do it the way that's working for you. I don't like being a landlord, too many headaches with tenants, but that's just me. Best of luck!