Updated over 6 years ago on . Most recent reply
Cash Out Refi Amount
I have a 3 Family house in Jersey City where I Airbnb two apartments and have a regular rental on the third. My income is currently around $9,000 per month. I owe 580k and am in the process of doing a cash out refi. The property appraised at $1,150,000 and I can do up to 75%. Should I pull out as much money as possible now? Or just pull out a moderate amount? Thanks in advance for any and all advice.
Most Popular Reply
You want to make sure the property still cash flows after your refi. So look at all of your expenses and the new payment and make your decision based on those numbers. The other question is what are you planning to do with the cash? Maybe you just pull out what you need to do to finance your next adventure and complete the refinance on that one.