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Updated over 5 years ago on . Most recent reply

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Sophia Green
  • Member since Oct 2, 2019
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Sophia Green's profile image
Sophia Green's profile image
Sophia Green
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Sophia Green
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General Landlording & Rental Properties

Cashout Refi on Rental

Sophia Green
Posted

Hello BP Gurus,

I have 2 rental properties in NJ worth $200 each, one fully paid off and other has about 70K mortgage. I own a house which has a mortgage. I am planning for cash out refi on the rental units and use the cash to pay towards my house.

What kind of tax or any other implications I may face If I go ahead with this plan?

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