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Updated over 4 years ago on . Most recent reply

User Stats

14
Posts
3
Votes
George P George III
  • Rental Property Investor
  • St. Louis, MO
3
Votes |
14
Posts

Sell primary or Heloc it??? Other options?? need cash to invest.

George P George III
  • Rental Property Investor
  • St. Louis, MO
Posted

Here are the details. 

bought my primary home in 2016 for $150K off market from a family friend, the neighborhood I live in has exploded and prices like many markets around the country have shot straight up. 

my agent said running the comps through the MLS hits a low of $267K and a high of $298K I owe $90K still on my home with a rate of 3.75% piti is 1000 a month.

option 1 sell and take the money?

option 2 heloc at 90% of equity 140-160K depending on final home vale numbers from the lender.

option 3 heloc at 90% buy a 4 family and make that my primary and rent out my house to cover the rate increase and still get to keep my house and grow my rental.

thoughts and or suggestions would be greatly appreciated.

oh and my wife is on board with moving :) I'm blessed. 

GG3

  • George P George III
  • Loading replies...