Refinance or HELOC my current house hack?

[Ryan Duphorn]

Looking to get out of my current house hack to buy another and not sure on which strategy to take. Do I cash out refinance to a higher rate? That doesn't sound promising. Do I pull out a HELOC? I've read these rates are adjustable and that you want to pay this loan off ASAP or you could get screwed in the long run. I currently live for free in this house hack. Fully rented it would go for $1800 / month to start. I bought it in 11/2021 at 3.25% interest rate with a 3% down conventional loan. My current payment is $1100 / month. I would use my cash flow on this property to help pay for my monthly mortgage on my next home. Then use my full time job to eventually pay off the HELOC. Any help on which direction I should take in order to acquire my next property would be greatly appreciated. Let me know if you need more info.

4b / 2ba / 1860sqft

PP: $165k

Reno: $50k

ARV: $290-300k

[Ryan Thomson]

@Ryan Duphorn 

Get a lease on your current house and use that to qualify for the next one! Then House Hack all over again. 

1. I would not cash-out refinance as that rate is INCREDIBLE

2. There are HELOCS that are fixed rates. I would consider that. In Colorado Springs, the credit unions have those products. I'm sure you could find some in your area.