should I cash out $240k @ 3.5%?
Hello,
Wife and I are 26/29. We make approximately ~170k in W2 in DFW.
I have a paid off rental valued at $330k. I can cash out approximately $240k at 3.5%. However, closing costs are about $8000. Property rent is $2500.
My wife and I live in another property off the proceeds of the first rental. this home may not cash flow well in the future. In the future we would like to buy a much larger/nicer home in a good school district ~500k.
Note: We do have a HELOC on the rental, but the bank is about to close on the HELOC because it is no longer a primary residence.
Is it worth while taking a cash out refinance on the first property and putting proceeds in the stock market?
Finding another deal is going be very difficult, and part of me wants to just passively invest and diversify in the stock market.
What would you suggest and/or do?