All Forum Posts by: Account Closed
Account Closed has started 2 posts and replied 14 times.
Post: Taking out equity in this market, how much for 1st time investing
- Rental Property Investor
- OH
- Posts 14
- Votes 2
After dig more infos from bigger pocket it seems HELOC is safer way to go especially for the newbie.
Any suggestions? Thx for helping! Have a nice weekend!
Post: Taking out equity in this market, how much for 1st time investing
- Rental Property Investor
- OH
- Posts 14
- Votes 2
Originally posted by @Jaysen Medhurst:
@Account Closed, why not look to open a HELOC instead of a cash-out refi? The fees are much lower and you don't pay any interest until you actually put the money in play. Even then you only pay on the money you're actually using.
Because I am more comfortable with the stable rate. Thx for your reply! :)
Post: Famous Four Analysis (January 2013-2020)
- Rental Property Investor
- OH
- Posts 14
- Votes 2
@Cedrick Mahieux
Thx for sharing!
Post: Taking out equity in this market, how much for 1st time investing
- Rental Property Investor
- OH
- Posts 14
- Votes 2
Just before this pandemic I made my mind become a professional investor. Question is we are about to approve for disclosures cash out refinancing. Now I am a little worry take out about 140,000 cash without knowing what kind of properties I am going to buy make me a little uncomfortable. Originally I was going to take out about 80,000 cash for just buy one property either single family house or duplex. But since my plan is keep buying and hold so I thought why I leave the equity in the house without leveraging it. And also I will need pay one more time closing cost again if I take out the money for two times.
Now in this situation. I don't really have any properties I am interested in. But I am still looking into it. Hope I will find a good deal soon.
I want some advice for this situation. Should I go back to my original plan just leave some equity in the house until I am more comfortable or just take all the equity out one time?
I won't be too worry if it is normal time. But with low inventory, a little higher price and a lot things unsure in this pandemic. I am not sure which way is better.
Any input will be appreciated! Thank you very much!
Haihui