I’m refinancing my primary home in Miami FL
I’m currently working in Auburn AL, my house in Miami is rented out and is going to give me $500 in cash flow after refinancing. I have $65000 equity. What can I do to buy my new rental property in Miami. Should I used a Heloc? Any opinion is welcome
Most Popular Reply
Hi Lazaro,
Sounds like you have a great plan! If you are refinancing and have some equity, you might be able to do a cash-out refi. Talk to your lender. Conventional lenders usually want to keep the loan-to-value ratio at 75% or better.
Why do you think Miami is a good place to purchase another investment? How's the market doing? What do you think about the Wynwood area?
Good luck!