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Updated almost 4 years ago,
Pay off personal home to invest with heloc
Hello Bigger pockets fam.
I am seeking some investing advice on how to purchase my second rental property.
Currently I have a free and clear rental property that's worth about 120k. My primary residence is worth about 200k with a 95k balance left. After I cash out refi my rental I would have about 90k cash to purchase my next brrrr with. Should i use that 90k cash to pay off my primary residence which I then could get a heloc on of about 160k(80% of 200=160). Now I will have extra money every month from not paying a personal mortgage and will have enough cash in my heloc to have 2 brrrr's going at once and so on. Any feed back would be greatly appreciated thank you very much 🙏🙏 .