Updated about 8 years ago on . Most recent reply
Refi my primary residence and rent it out, good idea?
Hi my name is Brian, this is my 2nd post. I am just starting out in the Philadelphia suburbs, specifically Delaware county. I have a new construction opportunity that I'm preparing for but first what to do with my current home. I have about 50% equity and I've been working on a refi that will bring my PITI down to just cover its costs with maybe 20$ left over. I have used the blog posts and rental calculator to try and make sure that I have realistic expectations on the month to month costs. Should I think of selling it to get the cash out for my new construction venture or keep it and get a heloc to fund the new construction. It wouldn't cash flow but it would pay for itself and I would avoid closing costs. Any advice would be appreciated, thanks.