Cash out refi on primary residence - renter incoming

[Matt Oldsey]

I am intending to rent what is now my primary residence and buy a new home. Question is: should we execute cash-out refi AHEAD of renter signing lease or AFTER? We will need some $ from equity to close on next home. For whatever reason, market for home sales are soft in our neighborhood, but rent is pretty firm. Rent- 2500 Current mortgage balance 275k @ 4.25 Current monthly cost PITI - 1425

[Upen Patel]

@Matt Oldsey I would recommend you do a HELOC as an owner occupied. Once that is done you can get into contract to purchase the new house and rent out the current one. If you convert the current into a rental, then you will be limited in terms of the options to access the equity.