On becoming a Real Estate investor?

On becoming a Real Estate investor - My husband and I would like to start in real estate investing. We've thought about buying a house and then renting the one we currently make payments on. But we've also been wanting to refinance the one we're in to get better payments.Is it better to buy the new home first or refinance the current home?

Asked by baxter05 53 months ago Similar questions: Real Estate investor Business > Financial Services.

It is better to refinance the house you live in before you rent it out. Refinancing a personal home is less expensive than refinancing an investment property. When the bank sees that you have an investment property, they will want a piece of the profit you are making, and raise the interest rate.

You can normally find a good rate and fee structure to refinance a personal home. That is just the way banks are. They will always ask you if this is your home, or an investment property, and then use that information when quoting you rates.

The rates on TV are always for personal homes. Refinance before you rent it out. I rent out 4 homes, and I lived in 3 of them before renting them out, so I know what I am talking about.

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Be very careful right now Many investors feel that the current real estate market is unstable, and could be due for a crash soon. With the great number of people flipping houses recently, and so many banks offering mortgages to people who are now having a difficult time paying them back, housing prices in many areas are inflated. These high prices might stay around for a while, but there are many experts who believe that the real estate market is currently ready to bust.It would be a very bad investment indeed to buy a house at an inflated price, only to see the market drop soon after.

This isn't to say that you can't make money investing in real estate, but now is a particularly risky time for those reasons. Do a lot of research before you invest. Video This, and similar videos, might give you some helpful information.

Refinance first I would refinance if you are going to get a better rate, I would also consider cash out for down payment on new house. Make sure you will be able to cover current payment and new mortgage without counting on the rental payment. Renters can really mess things up if they decide not to pay rent.It will take typically 4 months to remove a bad tenant.

Good luck.

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ComThese guys have helped hundreds purchase real estate across the nation in emerging markets, with positive cash flow and steady gains throughout the long term. To learn more about what they do, visit: erealtyinvestors.com/index.php?id=31.

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