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From: Mike .
Refinance my P&I loan and buy another property
From: Mark Noonan
Date: 9/11/99
Time: 4:47:18 PM
Hi,
I've currently got one investment property using a P&I loan, which I now have equity of $50,000.00 in. This is what I would like to do, and wonder if it makes sense!
Change the loan to an interest only loan, on my outstanding balance, this should actually give me a positive cash flow from rent-interest alone. Then use the equity to buy another property, and use the positive cash flow to pay for the next property.
Am I going down the right track? I'm renting myself, and this is the only way I can see to finance the next one.
See ya, Mark
Refinance my P&I loan and buy another property
From: Mark Noonan
Date: 9/11/99
Time: 4:47:18 PM
Hi,
I've currently got one investment property using a P&I loan, which I now have equity of $50,000.00 in. This is what I would like to do, and wonder if it makes sense!
Change the loan to an interest only loan, on my outstanding balance, this should actually give me a positive cash flow from rent-interest alone. Then use the equity to buy another property, and use the positive cash flow to pay for the next property.
Am I going down the right track? I'm renting myself, and this is the only way I can see to finance the next one.
See ya, Mark
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