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Updated over 5 years ago on . Most recent reply
CASHING OUT QUESTION (Need Pro advice)
I am a relatively new investor and I have a question that I believe has a few good answers, not just one....
The Question is.... Say you acquired $300k of equity through loan pay down and appreciation (Updates and market value) .
You now say “hey! I want a new car” or “hey! I want a new property” , what is the best way to extract your money from your equity and make another purchase?
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#2 Land & New Construction Contributor
- Developer
- Charlottesville, VA
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#2 Land & New Construction Contributor
- Developer
- Charlottesville, VA
@Jacob Miller you can either sell the property or refinance and pull the equity out to reinvest. You need to run the numbers on a refi to determine if that make sense.
As far as the new car is concerned that’s a liability not an asset. You should invest in other assets that will pay the the car.