All Forum Posts by: Julia Beresfoes

Thank you @Christine Bellish This is super helpful! 

Thanks John!  I am thinking I need to do the same thing ASAP!  

Great thank you all! I am most definitely interested in buying a long term rental. I could refi at the higher rate for a 30 year loan and take cash out or I could do a HELOC and pay on it with the rent income after mortgage was paid. I want to make the best decision and make my money work for me!

Thank you! You would use equity in a home to purchase another though? A cash out is 1% higher in interest rate than the current mortgage so a HELOC might be best and focus on paying it down as quickly as possible with revenue from the rentals.

Hello!  Would you use equity in one of your homes as a cash out refi to obtain cash to purchase another investment?  I am hesitant but I have $300k in equity and I would like to put it to use to work for me. Thoughts? 

I would love to learn more however I feel like my family member is not interested in this route as he wants the money in his hand ASAP as he owns it outright (no payments) and wants the full amount now versus having to wait another 3-5 years.  Thoughts?

Thanks Nathan!  How about if I wanted to take out the equity to use as a down payment on another property.  What do you suggest here?  I am trying to figure out how best to make my money work for me versus having it tied up.  

Hello!  How do you pull equity from a multi unit investment property?  All of the banks I talk to say the only way to do this is to refinance but because it is an investment property and because it’s a duplex I can only take out about 7% of the equity. Are there other options available? 

Hello!  I am in need of guidance,help, suggestions around my investment property and what I can do to purchase a second one. The twist is that the second one is a historical property that has been in my family since 1957. It is a multi unit property and our family member who owns it now wants to sell versus let someone in the family take it over. Before it is bought by anyone else I want to purchase it however I need guidance on what I can do with my current assets to be able to do so. I may also potentially need an investor for a small contribution and financing guidance. If anyone is willing to talk with me and help me out with some suggestions I would be forever grateful. 

Thanks Justin!  I have paid more on the payment each month for the last 7 years. I have heard people say they are refinancing investment properties at 3% or below right now. If I could refinance I could get my payment even lower and then actually be able to keep some of the rent I receive as income in my pocket whereas right now I can't keep anything. The rent I receive covers the mortgage and pays the lawn guy. There is no $ left after that. I then put money in from my pocket to pay more on the principal. It just feels like I should not be in the hole on this and that I should be doing something different and making something.  I didn't think after 11 years an investment property would have.me in the hole. Lol I know it is probably my ignorance and the way I have it set up that is causing this!