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Updated over 1 year ago,

User Stats

52
Posts
44
Votes
Zachary Rymarcsuk
Pro Member
  • Rental Property Investor
  • Durham, NC
44
Votes |
52
Posts

Recommendations for Cash Out Refi Funds?

Zachary Rymarcsuk
Pro Member
  • Rental Property Investor
  • Durham, NC
Posted

Hi all! Thanks in advance for any input! =)

I recently completed a cash out refi to successfully pull all of my funds out of a LTR property for my 2nd completed BRRRR. Now I am contemplating what to do with the funds in this current market. Without going into too much detail, here are the options I have been weighing and I would love to hear what others think:

1) Purchase another LTR property (likely in Fayetteville, NC) requiring some renovations to have instant equity.

2) Furnish a current LTR (near medical complex in Fayetteville) to convert into either a MTR or STR (MTR preferred).

3) Purchase a new primary residence in the Raleigh-Durham, NC area while keeping the current primary (Raleigh-Durham area) as a LTR. Rent on the current primary would likely end up covering ONLY the PITI and I would manage the property myself. In the new primary, I would need a separate unit to house hack in order to keep my mortgage roughly the same as it is now.

4) Sell current primary residence and use both sale and cash out funds to purchase a new primary residence in order to keep PITI roughly the same as it is now. Depending on the price of the new property, this may or may not require a house hack.

5) Open to other good options, but primarily interested in buy and hold opportunities.

Thank you for taking the time to read and, again thank you for any input and/or feedback!

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