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Jan 20, 2022
4:30
:35
pm
grandpacoug
All-American
If U have job security and reserves-buy 2nd house. 50 yrs in RE, much more from
inflation than cash flow in long run. If you don't need extra cash flow now, don't pay for it. Time will fix that.
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grandpacoug
Previous username
venomous viper
Bio page
grandpacoug
Joined
Sep 6, 2002
Last login
Apr 26, 2024
Total posts
6,912 (25 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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