All Forum Posts by: Michael Lopez

@Nicholas L. Thank you!

@Theresa Harris she graduates with her undergrad in 18 months and will start to work in the Tampa area or she may be getting married and move to either Detroit or Atlanta. We planned on moving to the Boca area because that’s where we’ve wanted to move for a few decades already. We were thinking of pulling out the equity in our home here and using it work a couple of properties if we could find the right deal and renting our house here. Our son who got into whole sailing here in the Tampa area a year ago said he would manage our hole when we move.

We just want to make sure we are wise with the $ untrusted to us.

Going the HELOC route I think we can only get up to 80% of the equity on the home minus any closing costs.

@Mitchell Jaworski How difficult is it to find duplexes in that area then maybe house hack?

@Nicholas L. Thank you. So are you saying don't use the $42k for the down payment and use a HELOC to do that? Use any passive income to repay the HELOC and then repeat the process while always keeping the $42k in the bank for any emergencies?

@Mitchell Jaworski great advice! Thank you!

@Eric Mielke thank you!

@David Avetisyan thank you!

I am embarrassed to confess this, but I guess transparency would be the key to my future success toward anything that may resemble a retirement plan. I will be 49 years old this year and I would suppose that it would be better to start now than never start at all. I have some savings and am now wondering if I should use it for a down payment for a rental. (Approx. $42,000) I also live in a home with about $110,000 in equity and have considered doing a cash out refinance and use the proceeds for a down payment on two more homes. One that my wife and I would move into and another for a 2nd rental. We would also rent out the home that we refinance.

When our daughter graduates next year, our plans are to move from the city we live now and to move to the Boca Raton, Delray Beach, or Boyton Beach area.

We need to be extremely wise with what we have because we would like to create a roadmap toward retirement in 15-20 years. Please ask away if you have any good ideas. We don’t want that cash to be sitting in the bank not making any real money.

Any thoughts, ideas, or help?

Thanks!

@Wayne Brooks

Thank you for the info!!!!

@Mark Pedroza

There are some names that have beneficiary but no attorney. In any case, thank you for the help. I will read through those tonight.