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Jan 20, 2022
7:07
:58
pm
garyfan
All-American
Yes, although I believe if you refi a residential property and then move out
within a year (i.e., converting it to a rental property), there could be some fees or other costs involved. Something to get clarity on before signing docs.
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garyfan
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garyfan
Joined
Sep 19, 2013
Last login
May 4, 2024
Total posts
37,638 (3,855 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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