I'm looking to refinance my VA loan with a conventional loan

[Christopher Aguilera]

Hi BP Forum,

I'm a novice when it comes to REI and wondering if you guys can help me with my situation. I'm looking to refinance my VA loan with a conventional loan.

Currently, my home has about 170K in equity and I want to take out my VA loan using a conventional loan. The reason is so i can have my VA loan to purchase my next property. I want to prep my self for Real Estate Investing and wondering if i should refinance for the same amount of money I owe on my property; or take out some of my equity to have on the side and use that money to invest in real estate?

Anyone out there have any input on what would be the best strategy in using my situation?

Quick recap:

First: If I refinance I would have my VA loan with a conventional loan. I'll have my VA loan available to purchase a new home with little or no money down.

Second: If I take equity money out I'll have cash available to purchase more properties.

Thank you guys!!!

-Chris A

Novice REI

[Jaysen Medhurst]

Smart idea to keep your VA benefit available, @christopher Aguilera. It may be worth considering a hybrid method:

1. Refi for your current amount (keep your payments about level)
2. Open a HELOC for access to the remainder of your equity. You have much lower feeds on a HELOC and don't pay any interest until you actually start using the money.