Should I cash out re finance

[Victor Tofilski]

I bought my first house (Duplex) last January. My rate is 6.625%. I was planning on combining the 3 strategies of brrrr, house hacking and sneaky rental strategy. I’m currently looking to buy my next primary residence to house hack. I was thinking of using the 9k that I can get out the refinance of the duplex for the down payment/renovations of my next house. Only problem is the new rate will be 8%. Does it make sense to take the higher rate to pull out 9k?

Should also mention I can’t wait till rates to come down to refinance because I will only be able to take out a loan for 70% of the value instead of the 75% while it’s my primary.

[Ross Paller]

The move is always whatever SAFELY leads to owning more assets.

Safe means after you have conservatively underwritten the deal including maintenance, property management, vacancy, etc it still has positive cash flow. Even if only by $1.