Cash out refi to purchase more rental properties

[Douglas Perez]

Hi bigger pocket family I currently have a triplex in NY

Had it for about 10 years, looking into expanding hopefully purchase a 5 to 10 family property.

I believe I have a good amount of equity in the property and would like to refinance and use that money to purchase more properties.

Any suggestion or ideas or is this a good idea.

[Seth Williams]

Great idea! If it works out and is in your total goals. After owning a property for 10 years what condition is it in? How much will the refi kill the cash flow - all things only you would know.

refinancing or pulling equity to make bigger moves and scale up is a great idea either way. You also could potentially just refi / use the cash in the same loan to jump into a commercial loan ( just one ) for both properties. Best to talk to the local lender you’ll use to figure this out.