All Forum Posts by: Shonna Parker

@David M.

No, Sir. The first house is a house that we’ve owned for 15 years, it is currently a rental. We’re trying to determine is it smart to pull equity out of this house to pay for a house that we just purchased in an auction. We had to put down 10% at the end of the auction but we still have to pay for the home. We’re not sure whether it’s best to cash out refinance the first house and use that equity to pay for the house we just acquired.

@Brian Geiger Understood. Thank you.

@David M. I’m sorry. I don’t think I was clear. The equity loan would be on an investment property to finance another investment property. Not our primary residence at all. Because we’re so close to paying it off, we’re unsure if we should refinance for 30 years.

@David M.

Thank you for responding. It’s an investment property.

Hello all, this is my situation and my husband and I disagree on the best course of action. We have a house that is worth $135,000. We owe $40,000 and it will be paid off in 8 years. We just bought a house at an auction for $76,500. After fees, we owe $75,000. Should we do a cash out refinance on the first house to pay for the new purchase, should we try to get a separate mortgage, or should we pay for it using savings. I appreciate any help.

In 2017, we bought a Fourplex for $135,000. Put about $25,000 in it and now it’s worth about $200,000. Comps are listed for $225,000 - $260,000 and owners are selling. After the mortgage and expenses, we cash flow about $400/month. Should we sell (like everyone else in the area) or should we hold on to it?