All Forum Posts by: Phil Gruss
Phil Gruss has started 1 posts and replied 4 times.
Post: Renting our house and buying a new(er) one to live in.
- Homeowner
- Dickinson, TX
- Posts 4
- Votes 0
@Pari. I go to the Podcasts. Thanks, Phil.
Post: Renting our house and buying a new(er) one to live in.
- Homeowner
- Dickinson, TX
- Posts 4
- Votes 0
Originally posted by @Drew Castleberry:
Do it! House hacking is the best way to go! Unless you want to keep your first home paid off, I would suggest doing a cash out refi to and use that cash to purchase your next primary residence, or even a new primary residence and another rental or two. What you're thinking of doing is definitely a smart move, good luck!
Thanks for the advice Drew. House Hacking is a new term to me. I had to look it up. I would like to keep our original house paid off just for the fact that if something were to happen we would have a security blanket. A cash-out refi has been suggested before and it's not out of question. A multi-unit is a consideration. Thanks, Phil.
Post: Renting our house and buying a new(er) one to live in.
- Homeowner
- Dickinson, TX
- Posts 4
- Votes 0
Originally posted by @Pari Thiagasundaram:
Phil,
Welcome to BP and on your first post. I did something similar to what you have done, just that i did not pay off the loan and was converting my primary residence to rental units. There are so many things that you could do.
- With the cash that you have, you can purchase your primary residence.
- Take a HELOC or do a cash out refinancing and buy a 2nd rental property close by where you can manage. !
Good luck !
Hello Pari. Thanks for the input. What type of primary residence do you have that you were able to convert it into rental units? The HELOC is something that will be looked into as it has been suggested before. In reference to a close-by rental, how close is close? Thanks again, Phil.
Post: Renting our house and buying a new(er) one to live in.
- Homeowner
- Dickinson, TX
- Posts 4
- Votes 0
Hello everyone out there. This is my first blog/post. My wife and I recently paid off our house and are considering renting it out and buying a new or used house ( bigger ) for our primary residence. We live just north of Galveston, Texas. Any and all advise is greatly appreciated and thank you in advance. God's blessings and regards, Phil Gruss.