All Forum Posts by: Andrew Fenton

My investment property is rented out for $1000 a month

So should I just cash out refinance the rental and use that money to purchase more property? I just like the fact that I could have the money from a HELOC and have it sitting until I am ready to use it vs. the cash out I would have to start paying right away

Yeah I don't know why they advised me to pay off my rental instead of my primary. I didn't think anything of it at the time because I was just happy with the fact that I would have a paid off property. Now that I want to buy more properties with the equityequity I realized that I made a big mistake. Now I'm just trying to figure out a solution to the problem so that I can move forward. This is the second time Wells Fargo let me down.

So I have been trying to get a HELOC on my rental property. I was at the ending stages of the loan process with Wells Fargo and at the end they said they couldn't do it because the house was in a rural area and if I default on payment it would be harder for them to sell.

So now back to the drawing board. I'm thinking about doing a cash out refinance on the rental and using the money to pay down on my primary residence so that I can take a HELOC from my primary.

I just cash out refinanced my primary residence to pay off my rental taking advice from the workers at the bank. But I regret doing that now that I can't get the money out. My primary residence is worth $135000 with a $94,000 balance and my rental is worth $100,000. 

What should I do BP community? Thanks for you help in advance.

Thank you all for your advice I'm taking it all in and applying most of it where I can.Keep it coming

Hi my name is Andrew I'm new to the community but I have learned a lot so far. I purchased my first property at the age of 22 and my second at 25. Both were purchased when the market was really bad and everyone was losing their homes. Almost everyone I spoke to about purchasing property at those times shot me down and told me it was a bad idea but I still went ahead and did it. Now both properties almost doubled in value since then and I cash out refinanced one to pay off the other. Now I am looking to take my real estate investing to the next level. I joined BP so that I can gain more knowledge and make even better deceisions in the future to come. My goal is that by the end of the year I want to have two more rental properties cash flowing at least $500 for meme.