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

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Jan 20, 2022
4:17:04pm

lemonademan Starter

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

However, I also think a cash out refinance will do the trick. If you plan on needing the cash again, I would do the HELOC. I also think if you decide to sell that a 1091 exchange is a great way to transfer your equity. Definitely keep the house as a rental, and figure out a way to buy the new home.

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lemonademan

Bio page: lemonademan
Joined: Oct 17, 2006
Last login: Apr 19, 2024
Total posts: 1,303 (0 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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