Cash our refi primary home advise
Hi,
New to BP and all things RE. Would love to hear some take on my situation:
Primary home owner for 5 years. 1.5-2M with an outstanding mortgage balance of 100k. I am contemplating doing a cash-out refinance to pull maybe 500k-600k (to keep it under conforming limits). Primary motivator is to get this cheap money locked for the next 30 years (as I anticipate inflation in 2-10 year time horizon).
Hope would be to use the money to pursue other syndication deals (already did a small one with a group), other safe investments.
Cons:
1. In CA, so I won't be able to deduct mortgage interest given 10k SALT limit etc.
2. Need to find returns > interest rate + tax I'll be paying
The good thing is, even a 650k mortgage will get me to a rather comfortable monthly mortgage, hence this seems worth doing. Thoughts/advise/pointers much appreciated!