Updated almost 6 years ago on . Most recent reply
Pulled the trigger on 4 cash out refinances
Applied yesterday, submitted paperwork today (most of it). Getting 500K out, getting a 3.625% rate on each, 75% LTV, and about 20K in closing costs for all four.
I plan on buying 4 more rentals with the proceeds. That brings me up to 9 loans (including my primary residence) with 1 left for a great new primary residence/dream home when that day comes.
It's bitter sweet, seeing my mortgage payment going up a bit. I could bring it down buy just refinancing the 4.75% rates I have from years ago down to 3.625, thus increasing my cash flow, but I'm pulling down 300K a year W2 income and I want to 1) build my empire for the FUTURE, not the now and 2) not use existing cash on hand but instead cash from other properties so that I have some money that is not subject to the tax laws of investment properties upon sale.