To refinance or not to refinance

2 Replies

hey fellow pocketers! It's been a while. So after closing on my first property in September and everything going great numbers wise I'm ready for property two! 

Problem is I need atleast 10k more to purchase it comfortably meaning with a few thousand in the bank after.

I was thinking should I take some money out of the first house to buy my second or should I just save the 10k myself and save the refinance to buy my 3rd house instead.

(LLC is already in place for second purchase)

Do you have enough equity in the first house to comfortably pull out what you need for the second one? Does the first house still cash flow well enough with the added debt to make sense? If yes, I'd probably go for it based on the limited info here. If no, save up the cash through other means. 

Originally posted by @Ryan Murdock :

Do you have enough equity in the first house to comfortably pull out what you need for the second one? Does the first house still cash flow well enough with the added debt to make sense? If yes, I'd probably go for it based on the limited info here. If no, save up the cash through other means. 

 I know I have about 30k in equity. I haven't called up yet to see how much would change and if it was worth it. Originally I was going to wait to use it for my 3rd I was hoping my tax return was going to be better to cover what was needed.

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