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Updated over 7 years ago on . Most recent reply

Jose Marquez's profile image
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Jose Marquez
  • from Berwyn, Illinois
  • Member since Mar 26, 2017
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Jose Marquez
  • from Berwyn, Illinois
  • Member since Mar 26, 2017
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Jose Marquez
  • Berwyn, IL
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General Real Estate Investing

What should I do with my equity?

Jose Marquez
  • Berwyn, IL
Posted
So my wife and I are ready for our second multi-family property but are not sure how to approach it. We own a 2 unit building that has about 75k worth of equity. Should we refinance and pull out the equity for our down payment? Or use our savings?
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Chris T.
  • Investor
  • from Downers Grove, IL
  • Member since Aug 10, 2015
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Chris T.
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  • from Downers Grove, IL
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Chris T.
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  • Downers Grove, IL
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Chris T.
  • Investor
  • Downers Grove, IL
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@Jose Marquez

It depends on your goals. If you're looking to leverage more by drawing from your equity, @Michael Barbari might be able to assist you.

Refinance is an option but keep in mind the extra costs you will have to pay. And the rate on your new loan vs present one - if it's worthwhile. 

For some investors, it's all about deleveraging and paying off loans. 

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