BRR minus one of the R’s

[Brett Wagner]

Hi all,

Curious as to your advice on my situation.  I recently bought a sfh with a partner, rehabbed it, and am just about to close on the refinance to pay my partner back. When I refinance I can either borrow just enough to pay him back OR I can borrow up to $62k more to go invest somewhere else. The problem is this: this is my primary home and we aren’t used to making $1300 monthly payments. So I would have some cash to go invest in a fairly difficult market right now with a higher payment than I’m used to having (family of 6, making less than $70k /yr) OR borrow just enough to pay partner back and have a payment that we want to have for our primary residence. What do y’all think?