Winter Garden, FL · Member since 2013 · 19 posts · 0 votes
Hello Bp, I wanted to know how soon after you finance a property it would be appropriate to cash out refinance? I was given a 4.3% rate and in Florida the market is saturated and I don't have a private investor as of yet, of course , the money would be used for an investment property preferably a triplex .
As soon as the numbers work. If yo can get a 4.3% rate and reinvest that money at a much greater return then do it if you are not over leveraging and taking on too much risk.
Most private lenders are not going to give you anywhere near that low of a rate.
When I hear "cash out Refinance" alarm bells go off. Can you really afford to pull cash out? Would you be taking on rish you may later regret?
Ned Carey it would not be a great risk because I have two properties that are paid off and 100% cash flow besides the normal dues I would pay and miscellaneous. I was thinking give it a couple of months to build a stronger cash flow , however, with the hedge funds and investors purchasing 25k properties at a time its really getting scary in Florida.