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Updated about 8 years ago,
Newbie in Denver Metro
I am struggling with my launching off point. My current situation is a have 70% equity in my principal residence and I'm looking to do a cash-out refi to fund investment purchases. Does it make sense 2 cash out refi up to 80% loan to value if the mortgage plus expenses exceeds the rental income on that property? My original intent is to take the proceeds of the cash out refi and deploy them to a new residence and additional rental properties, and rent out my current residence. I am second guessing this strategy and wonder if it makes more sense and is less risky to take the proceeds from the cash out refi and just buy investment properties with that cash and remain in my current principal residence? I am in my early forties with 2 middle school-age children.
Thanks for your time!
Brad