How should I refi current homes to purchase first investment?
Looking for ideas on refinancing the homes I currently own, and take out cash for either BRRRR or purchasing multifamily units. Here are the numbers:
Home#1 (Primary)
FHA Loan, 140K left
Estimated value, 330K
Home#2 (Rental to family)
Conv, 160K left
Estimated value, 440K
Home#3 (Secondary but used as rental for family)
Conv, 240K left
Estimated value, 330K
-How much equity can I take out on each? I did a rough calculation of (70% of value - loan amt) and came up with around 238k?
-What other creative ways are there that I can do with the equity to make it work for me?
Sorry for being so general with the numbers. Any insight and help is much appreciated. If you need more info let me know. TIA.
Yeng