Cash Out Refi

[Brad Gibson]

I purchased a 3 unit building with cash over the summer and it will be fully rented within a few more weeks. I am starting to think about my next move and would like to pull some of the cash I put in back out of this property. Would it be a good idea to do a cash out refi as soon as everything is rented so I will be ready for the next opportunity. Or should I wait until that opportunity comes along and do the refi then instead of sitting on a pile of cash that isn't producing? I just hate the thought of making an extra mortgage payment on money I might not use for a while...Thoughts?

[Robert Nason]

Wait , typically refinances can be very quick, unless your bank demands an appraisal. I would discuss this with your banker, let them know your plans.