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Updated over 3 years ago on . Most recent reply

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55
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34
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Elizabeth Rose
  • Rental Property Investor
  • Various states
34
Votes |
55
Posts

Beginner investor and would love some advice please

Elizabeth Rose
  • Rental Property Investor
  • Various states
Posted

Hi BP community,

I'm a beginner investor and would love some advice please. I live in a condo located in California and have a mortgage. I want to buy a second property - my goal is to buy a multifamily and move into one of the units, then rent out my condo. 

I'm trying to figure out if it makes sense to do a cash-out refi or a HELOC on my condo to get the down payment for the new property. My current mortgage has a very low 2.75% interest rate... all of the quotes I'm getting for refi are 4%+. The variable nature of the HELOC freaks me out a bit in the current environment we're in, but it would give me the option to pull out equity while leaving my current 2.75% mortgage rate as is.

I'd love any guidance you can offer - thanks in advance!

Most Popular Reply

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322
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274
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Colton Hahn
  • Specialist
274
Votes |
322
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Colton Hahn
  • Specialist
Replied

You are absolutely right, in the current environment it probably is prudent to keep the lower interest rate you have secured but the variable nature is also a scary thing. With the news today what the fed is doing, it is only going to get harder to get good rates on debt. Good luck!

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