Cashing out rental during covid

[Gil N.]

Hello bp just thinking of cashing out on a stable rental I have (5 years) it’s fully paid no mortgage. I’m seeking advice. My tenants have been able to pay the rent through COVID situation and I’m thinking of picking up the next single family but worried that once I do the COVID May get worse and tenants may have the excuse of not paying. Just wondering if other investors are still cashing out during this time or think waiting a bit longer is more safe thanks 

[Jason Wray]

Gil,

If you are thinking about cashing out on your rental I would suggest doing a cash out refinance now before Janaury's rate hike coming.  Also while rates are so low it might make more sense now to borrower the cash for the down payment/renovations.  You could always get preapproved to see what the number look like before you commit to closing on the cash out refinance.  Let me know if you have any questions...