Should I refinance my current home before buying REI? - Posted by Travis(In CA)
Posted by Travis(In CA) on May 02, 2000 at 13:18:04:
I have located several houses that I could get for zero down with either a positive or break-even cash flow however I’m still a little nervous.
A realtor friend of my said I should refinance my current home(1st mort. and 2nd mort.at 13%) before I try to buy any additional property.
Does it make a difference??
Here’s my situation
I have pretty good credit and make decent money on my job but I’m worried about making a second house note in the event that the tenant doesn’t pay rent or moves out before I can get someone in.
I really don’t have a lot of extra cash floating around to be making 2 house notes.
Any words of wisdom in this area would really help.