A cashout refinance is the way to go if you are trying to hold onto it as a rental

Jan 20, 2022
4:13:33pm

kimdaddy35 Future Lions Scout

Just make sure you are at least breaking even (and ideally making a profit) on your new payment compared to rents minus a property management company and vacancy rates for the area.

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kimdaddy35

Bio page: kimdaddy35
Joined: Aug 23, 2010
Last login: Apr 25, 2024
Total posts: 46,291 (1,476 FO)

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Messages

Author

Time

<< Deleted >>

Kolipoki

1/20/22 4:09pm

My BIL is doing a HELOC to do the same thing

RGGeemer

1/20/22 4:10pm

A cashout refinance is the way to go if you are trying to hold onto it as a rental

kimdaddy35

1/20/22 4:13pm

I love having a HELOC to use for situations like this. It will come in handy.

lemonademan

1/20/22 4:17pm

Everyone should have a HELOC. It’s an emergency fund.

Iman23

1/20/22 4:17pm

It sounds like he would need it long term which is why I recommended a cash out refi

kimdaddy35

1/20/22 4:37pm

<< Deleted >>

Memmo

1/20/22 4:17pm

I agree. Alternatively, you could get as big a HELOC as you can get and use a

DC12

1/20/22 4:20pm

Yes, although I believe if you refi a residential property and then move out

garyfan

1/20/22 7:07pm

What market are you in?

Iman23

1/20/22 4:17pm

Cash out refi if you are holding the rental long term. HELOC if you are selling

Iman23

1/20/22 4:18pm

Just did the same. Cash out refi to get 20% down but the appraisal screwed up

Kauai

1/20/22 4:18pm

We were recently in this spot and here’s what we did.

Memmo

1/20/22 4:22pm

The savings that you cashed out for the downpayment…was it liquid? Or did you

Iman23

1/20/22 4:26pm

Mostly liquid. Had to dip into a brokerage account and to get over the finish

Memmo

1/20/22 4:29pm

If U have job security and reserves-buy 2nd house. 50 yrs in RE, much more from

grandpacoug

1/20/22 4:30pm

Reserves is a key part. As well as DTI. I didn’t want to sacrifice on my

Memmo

1/20/22 4:57pm

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