Updated about 5 years ago on . Most recent reply
I have cash and equity in my home, what should I do next?
I have 30k cash, 780 credit score and 102k equity in my home. Should my next step be to refinance my house and use the money to purchase a multi family? Multiple single families? Should I go to my loan officer that I initially got my mortgage from? Should I focus on finding homes in pre foreclosures so that I can buy for cheaper? Do I need a real estate agent? My dad is an experienced contractor, so I have no hesitation about investing into a home that needs work. I’m just trying to create passive income
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Rental Property Investor
- Boulder, CO
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Rental Property Investor
- Boulder, CO
@Franchesca Potter Let's take the steps in order. First, start with this guide to help you get clarity on your why, goals, and strategy. Once you know your goals/strategy, this will inform what could be a great way to use the equity funds. If you are putting downpayments down that you can't easily refinance out of the property, I like the idea of a cashout refi so you aren't tying properties together and you have flexibility. If you are going to BRRRR, you could get away with a HELOC as long as you have strong reserves behind you. Then move on to identifying the market and team. PM me if you have Q's.