Advice with cash refi

[John Sween]

Need some advice, here are my scenarios.

Option 1 – Regular Saving/ No new action

Save approximately $7,000 per month. To reach the same $90,000 would take almost 13 months of savings.

Option 2 – Cash out / Buy quickly if something is found

Cash flow increase by about $1800-2300 per month depending on rents and accounting for property manager.

So New savings goes to $8800-$9300 x 13 months = $114,400 - $120,900

Option 3 – Cash out/ Cant find any property within 13 months

Cash flow decreases by $1,500. Total cash to purchase increases $90,000.

$5,500 x 13 months = $71,500 + $90,000 from cash out = $161,500.

With option 1, you don’t have the ability to purchase if something shows up on market.

With option 2, you increase your cash flow and gain an equity-growing asset.

With option 3, you are still ahead of the savings in option 1 and you have the opportunity if there is something that comes to market.

Cons -risk, I lose my interest rate of 2.3% on house 1. And I lose 3.5% on house 2. Both would reach to 4.45-5%.

Or should I wait? Never have done a brrrr so I’m looking for a mentor but buy and holds is what I’ve done so far. Thank you