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Updated over 4 years ago on . Most recent reply

User Stats

58
Posts
21
Votes
Jesse Richardson
  • Lender
  • Vacaville, CA
21
Votes |
58
Posts

Refinance & pull cash out to buy?

Jesse Richardson
  • Lender
  • Vacaville, CA
Posted

Hey BP,

I have two properties paid off in NJ. I'd like to keep buying in this particular market, because I have a great deal going with my agent and they cash flow well.

My question is, do I keep them paid off, and collect straight cashflow, with a lower ROI, or do I refinance, pull out the cash ($120,000 each), which is about 25-30% of the value.

With that cash, I could buy 6 more. With rates being very low, it would be nice to capitalize on this opportunity.

Thank you for your input!

Jesse

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