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Unless you’re getting an absolutely fantastic deal on the new purchase I would say no. In The new property you’re also getting hosed in rate. So much uncertainty right now.
I have 10 rentals by the way. I have several properties in the same position. I’m waiting. And frankly anything with a rate below 3% I’m going to hold onto for quite a while.
Do any of your properties have an open mortgage? Am setting an LLC up and will deed the property in from my name to LLC but my county assesses the RTF on the open mtg balance. I hear the grantor land trust is the way to get around this.
Agree with, D1. It’s not a buyers market right now unless you need to buy or have the full cash value in hand.
Everybody’s strategy is different. I have a property that’s worth 430K with only 200K debt on it so I’ll be taking out 90K, I was quoted 5.875 for 30 year and 5.99 for 20 year on Friday. I’m currently cash flowing about 11K net but I can’t touch the equity so I have to pull it out. New rates will cashflow $4500 on the 30 year and on the 20 year I’d practically breakeven which I’m okay with as I still have 120K plus equity in the property and it’s new construction. In my eyes there’s a great opportunity out here than letting the money just sit and you have to decide if that’s the case for you
Thanks, that’s good insight. Any good calculators out there you recommend? I agree, I see turn-key homes are hard to get but am finding some opportunities with some properties needing light/medium rehab work.