Updated over 1 year ago on . Most recent reply
cash out refi for personal expenses
We are needing to refinance a loan that is maturing. We have a lot of equity in the properties under the loan. We don't plan on growing our portfolio anymore. We are thinking about taking out 100K for personal expenses once we finance. We would still be cash flowing after the higher loan percentage and after taking out the cash. Also, after our other loans mature, we plan on doing the same to subsidize our retirement. We plan on doing this every 5 years or whenever or loans mature. Our thought process is to never pay off loans to maximize tax benefits from income and also take out interest free cash. Rinse and repeat... What are your thoughts.
We currently have multiple loans for our 19 single family homes. Also we both have full time W2 jobs.