Hello, I am going thru a decision period ref. one of my investment properties & would like some feedback. I own a couple of investent properties & are thinking about selling or refinancing one of them. It is a condo we purchased 2yrs ago at $115k, we currently owe $112k. We financed it on a 100% loan w/2yr fixed, 2yrs is up so mortgage went up $200 a month. The current value is $220k, I either have to refi. or sell. I got a quote for a refi. which will leave me on a negative $121 a month vs the rent charged (will not be charging more). My main concern is that my DH & I don't have much of a retirement savings, we are both 42yrs old. I work for a Police Dept but my pension is just a 401A in which after 5yrs I am vested (I have been here 2yrs.) My DH is self employed. I just got my realtors license so I am looking forward to that. What do you all suggest? What should I base my decision on? Our advisor suggests we sell one of our properties because we don't have cash on hand.
Thanks in advance for all your feedback.