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Updated over 5 years ago on . Most recent reply
Should I cash out refinance?! HELPPP
Hey all, i need some help. I want to get into real estate more. I have a rental property that rents exactly what I pay for the mortgage. The bank is willing to give me upwards of 90k in a cash out refinance. The interest rate will be almost the same either way but Should I do the refinance to take this money out and reinvest it???? Any help would be great!!
Nick
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- Real Estate Broker
- 3412 S. Harlem Avenue Riverside, IL 60546
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@NIcholas Hamel if your current property barely breaks even I would not recommend taking out cash to reinvest. Instead, think through why you have that property. Could you sell it and re-invest the 90k in equity? Could you hang onto it as an appreciation play and find cash elsewhere? This is a get rich slow game for sure, so be careful not to over extend yourself.