UnThreaded | Threaded | Whole Thread (21) | Ignore Thread Prev | Next
Author: kook79 Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 128129  
Subject: Re: Consolidating Mortgages Date: 12/11/2012 8:50 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0

Thanks for all of your comments. I have 4 rental properties and my wife has 1 with a shared principla residence. This year, I've been attempting to refinance all of the rental properties and my main mortgage to try and make them cash flow better. One property is especially sticky. I have a rental that brings in 1250 a mont in rent but I am paying a fixed rate 7.5% int only for 10 years and then principal is getting added for a 20 year loan, for a total of 30 years. The payment right now is $1,436 and will bump up $600 in the next 2 - 3 years. I so want out of this loan and the tenet's are long term renters so it wouldn't be best to try and sell it. Here is a break down.

Primary House 1: int rate was 5.75/30 now 4.175/20
Rental 1: 5.175/20 (refinanced 3 years ago)
Rental 2: 7.25/30 now 4.5/30
Rental 3: 7.5/30 10 iti becomes 7.5/20 piti
Rental 4: 5.5/30
Rental 5: 5.75/30

I also cannot purchase any more rental properties as I have reached my limit and some banks will not let me refinance becuase I have exceeded my limit on rental properties. If I want to purchase more rental properties, then I need to do something with the 4 that I have and the 1 that my wife has.

Thank you all again for your input.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (21) | Ignore Thread Prev | Next


Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
Foolanthropy 2015!
Fistula Foundation: A World of Good!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Simulations Plus

A Shorting Lesson Learned
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.