Investment advise needed

[Amber Straub]

Hello all, 

I am a newer investor who currently holds two multi fams going really well. This post is for a friend who came to me seeking advice and I thought I could extend to this amazing community . 

My friend has a 4/3 home in Fort Myers FL, who is in the middle of a divorce. 

Current home value: $523,000

Amount owe: $263,000

Equity: $259,000

Interest rate/loan: 2.25%/30 year

obviously refinancing would be a hit with that interest rate, considering either selling or HELOC and investing into multi fam via house hacking.

Was wondering if anyone has any input or other advice! 

Thanks in advance! 

[Doug Smith]

Hi Amber, What is your friend's goal? Do they need to buy their soon-to-be former spouse out? If so, how much do they need to do that? Is the former spouse on the loan for the home? Are they trying to pull cash-out? If so, what for? There are tons and tons of questions I would have. I tell clients to think of it as if you're going to the doctor for an exam. People don't walk in and say "I need you to prescribe me X" without the physician asking a lot of questions, drawing blood, and doing other tests. A good lender or financial planner is going to do something similar. Really understanding your friend's situation is important to giving good advice. I would really need to understand more to offer significant help.