Asking for a friend.
Hello everyone, I have a friend that don’t know what his next step should be regarding his house. He bought it out right a few years ago, fixed it up and just the other day got an appraisal back for 93k. He was thinking of selling it for 90k, pay off two vehicles and take 60k to put down on a new house to live in. (Not a live in flip) He also was wondering if he should refi his house, pull 75k out, pay the vehicles off and put the rest down on a new house. rent the original house out and take that money to pay the refi mortgage, the rent would cover the mortgage plus an extra 150 per month ..I’ve been telling him about refining his house and use that towards a BRRRR or some other real estate investing. Any ideas or thoughts on this would be grateful.