Updated over 3 years ago on . Most recent reply
A Owner Occupied Brrr
Hello, my names Ernesto I'm a new investor excited to start my real estate journey. I had a question about my home that is my primary residence. I've owned this home for about 4 years and have done major renovations to the whole home from adding square footage, adding central heat and air conditioning, new roof, new flooring throughout the whole home, total renovation on kitchen with all new appliances and totally renovated both bathrooms with new tile surrounds and tubs etc., new paint in whole home its just about a new home. I currently have a FHA loan with a 3.5% rate and looking for advice and knowledge on pulling out my money I invested in my own home to use towards my first investment property. How would you guys play it out? Would I be able to pull most my invested money out and keep my same mortage payment after going conventional? I still don't fully understand the brrr process on how you pull your money out, wouldnt it raise your mortage higher than before? Or is there a way where you keep the same mortage payment and still be able to pull your initial investment out ? I haven't got a reappraisal yet and my current mortgage payment is $1,500 a month.
Thank you