Refinancing our Primary for Down Pmt

[Holly Saxby]

I am going through the numbers on possibilities of getting a down pmt to be able to get into investing. One option I am exploring is to refinance our current house, rent it, and use my refinance cash to buy 2 houses (a primary and investment). I know through listening to podcasts, that you can typically refiance to 70% of FMV in the brrrr strategy. If it is my primary at the time, is it up to 80% FMV even if the plan is to rent it out later? I am not going to be dishonest...I am just not sure if future intension is something that will come up in a refinance.

[Chan K.]

@Holly Saxby You should shop around. I think some institution will allow you to get HELOC up to 100% for owner occupied. The earlier you start investing, the better you will be from compound and accumulation perspective. Even if you made a mistake (small one), you still have more time to correct it instead of waiting. Your owner occupied only has value when you are utilizing it. If you don't, it is still the biggest liability.