I’m refinancing my primary home in Miami FL

[Lazaro Rodriguez]

I’m currently working in Auburn AL, my house in Miami is rented out and is going to give me $500 in cash flow after refinancing. I have $65000 equity. What can I do to buy my new rental property in Miami. Should I used a Heloc? Any opinion is welcome 

[Allen Tackett]

Hi Lazaro,

Sounds like you have a great plan!  If you are refinancing and have some equity, you might be able to do a cash-out refi.  Talk to your lender.  Conventional lenders usually want to keep the loan-to-value ratio at 75% or better.

Why do you think Miami is a good place to purchase another investment?  How's the market doing?  What do you think about the Wynwood area?

Good luck!