All Forum Posts by: Chris Bounds

Unsolicited advice, but consider the tax implications with this.

You may be able to take capital gains tax free from your personal residence.

If you rent it out for certain period of time that benefit goes away.

Consider taking the capital gains to buy separate rental property.

Either way, definitely use a PM or Realtor if it's your first rental to get the proper background checks, paperwork, and highest quality tenant.

Maybe try getting a secured LOC?

A better strategy next time is use a HML for acquisition then refinance Rate & Term (no cash out) immediately. That will keep your personal funds less exposed.

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The Real Estate Experience is group of experienced real estate professionals, agents, and investors that network and collaborate over an adult beverage.

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