Updated almost 3 years ago on . Most recent reply
What to Consider Doing a Cash Out Refi...
Hey BP Members,
Its going on 3yrs since I've bought my first investment property here in Katy. Since then, property values have jump significantly. I have 2 properties so far and WILL be purchasing a 3rd in coming months. To do this, I'm looking at doing a cash out refi of the first property. With the equity that's been put into in it along with the appreciated value, I would like to put that money to good use.
My question is what are things to consider with this being my first cash out refi? I'm a bit nervous weighing the pros and cons. I know the mortgage must increase due to a higher loan. Can I actually use the appreciated equity? Does this mean property taxes increase also?
All advice/information is greatly appreciated!
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#2 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#2 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
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Hey Steven - I would be happy to discuss this with you!
Just sent you a PM