Comments on: Free Financial Advice From Family: Do You Listen? http://thesmarterwallet.com/2009/free-financial-advice-family/ Money Tips, Consumer News and Product Reviews To Improve Your Finances Thu, 29 Jul 2010 01:29:47 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: SVB http://thesmarterwallet.com/2009/free-financial-advice-family/#comment-3277 SVB Wed, 15 Apr 2009 22:49:41 +0000 http://thesmarterwallet.com/?p=5112#comment-3277 I'm not a financial adviser so I can only give you my casual impressions. I think that if you're going to be saving money in the long run and you're intent on keeping your properties for the long term, then refinancing sounds like a good idea. It's all a matter of making sure you'll eventually recoup (and then some) whatever money you decide to put down at this time. I’m not a financial adviser so I can only give you my casual impressions. I think that if you’re going to be saving money in the long run and you’re intent on keeping your properties for the long term, then refinancing sounds like a good idea. It’s all a matter of making sure you’ll eventually recoup (and then some) whatever money you decide to put down at this time.

]]> By: hb http://thesmarterwallet.com/2009/free-financial-advice-family/#comment-3271 hb Wed, 15 Apr 2009 18:12:31 +0000 http://thesmarterwallet.com/?p=5112#comment-3271 Here is my question I was hoping to receive some counsel on: I have two rental properties which have a negative cash flow. I was thinking about refinancing them. Here is what a refinance would look like according to my lender: Looks like I could save $90 a month if I refinance House A with $500 out of pocket. So that would be $90 a month for 30 years or about $32k for the life of the loan. In order to refinance House B I'd have to put down something like $22k on the principal to meet the % limit. With the lower balance and the lower rates I could save $340 a month for 30 years! I'd recoup the $22k in just over 5 years- and it's not even recouping, I'm not spending that money, it's going into the principal- so really, it'd be like the opposite of buying a car- I'd put the money down up front and get something like $340 a month back- which over thirty years is $122k in savings =) I should have enough funds with stock to be able to do this and have a little left over which would hold me off for a couple months if I were to lose my job... With both refinanced I can save some $430 a month. What do you think? Got any better ideas? Thank you. Here is my question I was hoping to receive some counsel on:

I have two rental properties which have a negative cash flow. I was thinking about refinancing them. Here is what a refinance would look like according to my lender:

Looks like I could save $90 a month if I refinance House A with $500 out of pocket. So that would be $90 a month for 30 years or about $32k for the life of the loan.

In order to refinance House B I’d have to put down something like $22k on the principal to meet the % limit. With the lower balance and the lower rates I could save $340 a month for 30 years! I’d recoup the $22k in just over 5 years- and it’s not even recouping, I’m not spending that money, it’s going into the principal- so really, it’d be like the opposite of buying a car- I’d put the money down up front and get something like $340 a month back- which over thirty years is $122k in savings =)

I should have enough funds with stock to be able to do this and have a little left over which would hold me off for a couple months if I were to lose my job…

With both refinanced I can save some $430 a month. What do you think? Got any better ideas? Thank you.

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