All Forum Posts by: Alex Pirila

Hi all,

Here is the long and skinny… in 2019 my wife and I purchased a AZ home using a VA loan. After 9 months of sweat equity and renovation, I was offered a great job out of state we did not want to turn down.

Fast forward to now, the AZ house cash flows about $200 after expenses and based on the PHX market, has also increased in value. No appraisal, strictly an approximation based on comps.

Between my wife’s student loans, a car note, and hospital bills (healthy child-birth) there is approximately $60k in debts.

AZ house note: $209k

Current rate: 2.35% VA IRRRL

Cash flow: $200/ month

Approximate AZ Value- $325k (guestimation)

$60k debt: $1,700/month expenses

Should we consider a conventional cash-out to clear some of the debts?

The freed cash could go towards other investments/savings/peace of mind. We own our primary residence (2/2 condo) now, which we will outgrow in a few years.

I’m leaning toward the cash-out, however my wife is more hesitant. We’d love to hear the pros and cons to both sides.

As always, I look forward to learning from this great group! Thank you

AP

Greetings all:

Back story: My wife and I bought and rehabbed a home in Tempe, AZ with a VA Loan in early 2019. In late 2019, I was offered a great job in Chicago. We now rent our Tempe house and use a local property manager.

Question: When we are ready to purchase another investment, should we stick to the Phoenix Metro area or venture into other markets?

Primers:

1. While I love my job, it does keep me quiet busy.

2. I was born, raised and lived in all parts of the Phoenix Metro area.

3. However, I understand I have a natural bias toward Phoenix because it’s home.

Any guidance or insight would be tremendously appreciated.

AP