All Forum Posts by: Andies Shepherd

If you own a home free and clear you are missing one of the rules of money. Money is debt, so refinance your home take that cash and you can put down 20% on multiple multi-families (4 plex, tri plex etc).  

The home you own is really what you have to invest with, I would use some of the 20k to make sure the property you own max's out at appraisal for the refinance.  

You can run one through bigger pocket and or have someone from Upwork or Fivver dial it in and elaborate. 

@Jaideep Balekar

Thanks a million for taking the time. ❤️❤️❤️❤️❤️❤️❤️❤️

Thanks Guys, I will keep you updated on what we do and how it pans out. Everyone stay safe and warm

@David Avery all you had to do was ask! Thanks for the tidbits!

Okay Bigger pocket, need some guidance. We bought our current home inn 2017 for 200k @ a 5.125% interest rate with Wells Fargo we got an FHA loan and ended up coming out of pocket 9k for the house. We have done a lot of work on the property, partly to make the home which was remodeled before we bought it, nicer and improve our standard of living. We have redone the kitchen counters, cabinets, blackspalsh, added cabinets and stainless steel appliances. We have updated all of the light switches to rocker switches and outlets to usb/outlets, redone all of the bathrooms and remolded the master closet. We did a lot of this work with the mentality that it would A. make the house more valuable and B. help in preparation for owning rentals and being able to manage rehabs with a bit of understanding and know how. I think all of this matters to the answers i hope to receive but maybe not, (in which case sorry for being so long winded). We want to leverage this house and what we have saved (around 20k) to get into our next investment property(s).

Stats:  House (a 3/2.5)  is on a 30 year fha@ 5.125% we owe 184k on the house, it is worth $285k our payment is $1716 a month the area it is in is a growing pocket Just north of Austin Texas in a pretty desired neighborhood.

Looking for some input on the best next step , should we:

1. 1. Refi (no cash out) to lower the rate, then take a heloc to help secure a rental property in a cheaper market outside of our county (Travis). 
2. 2. Cash out refi, then use those funds to purchase a rental property in cheaper market. 
3. 3. Take out a heloc and use that to pay down the 30 year we have chipped into with overage payments over the past 3 years and also use it to purchase a rental property? 
4. 4. Qualify for another owner occupant home and use the 20k for the 5% down then move a renter into our current house which would cash flow around $200 a month after all expenses (This was the original plan as we took the bottom of our Loan approval amount to one qualify for another owner occupant and grow our rental portfolio). 

Thank you i don't think any of these options are bad, just hoping to get some broader insight from people who have maybe been in this position before.  Thank you so much look forward to hearing what others think. 

We are based in Austin Texas but have offices in Houston, Dallas, and Denver CO. We have a parking company that has decided to follow our hearts and diversify. "Real estate investing here we come."   Looking for book recommendations and connecting. Would love to Provide value wherever w can 

@Chris Mason this is by far The best “It Depends answer ever”! Thank you sir! You ever in Austin Tx hit me up, I’ll help make sure you maximize your Trip.

@Ramon Morales

This should get like a million up votes!