All Forum Posts by: Dan Maranto

 Unfortunately, that’s where I’m stuck right now. Rate is mid 5’s, my current is 3.2.

I am thinking a HELOC will be a better idea since I'm not paying for the money if I'm not using it, but it is still readily available

Thanks guys! The added debt I do not think will cause me to lose sleep. I’ve just been paying extra, because that’s how I (and a lot of people were raised), “debt is bad, payoff everything and save your money”. Not bad advice at all, as it has set me up good so far, but will not make us WEALTHY. I want to build generational wealth, and just saving my money, investing with an advisor, having a 401k is not going to cut it.

My wife and I are 32, have an 18 month old daughter and our second child is due in September. My goal is to have her be able To quit her job and achieve enough rental income in the next year or so to cover what she made. (Approx 4K a month after taxes.) I love my w2 job and have no desire to quit, so I have no problem keeping working while further building our portfolio. My personal goal is to have enough rental income by the time I am 40, To be able to retire if I would like, and we can live a comfortable life.

So my plan is to not take out ALL of our equity. I am planning on somewhere around 300,000. I figure that will be able to get me started heading in the right direction, and the new monthly payment will be right about what we’re paying now.

Hello everyone, first post here! 

I am looking to start purchasing multi-family real estate to start building my portfolio. About 5 years ago I got into my personal home for a great price. I now have about 500,000 equity in it.

I did a conventional 15 year and have been paying a ton extra every month to pay it off. I have about 4 years to go until it is payed off and that was my goal. But after doing so much research about on real estate investing, I am thinking my easiest way to get into it would be to do a cash out refi, pull out approx 300,000 and that will give me more than enough to get started (down payment, possible rehab, etc)

Even with higher interest rates now, if I pull out 300,000, my new mortgage payment will be right around what I am paying now (including the extra I’ve been paying to pay it off)

I feel as though I will be able to build wealth quicker going this route, than I would be able to if I waited 4 years, payed the house off, then started saving for investments. Also, it would be much easier than finding a private lender, hard money, etc.

Thoughts?