Cash-Out $800,000 Home? (What Would You Do?)
A home that was purchased for $600,000 in 2006 is now worth $800,000 in 2020.
The home is at a 6.5% interest rate and a mortgage of $3,900/month. Once refinanced it is estimated that the new mortgage will be $5,000/month.
Is it worth it to cash-out refinance at 75% to start investing in other properties to generate cash flow properties?
$800,000 * 75% = $600,000 to start investing.
Open to all feedback and strategies!