All Forum Posts by: Eric Laird

Hi Michael, thanks for the quick reply and providing the link. I have a bit more research to do here on a refi. I have as much equity as I have debt in the house.  By doing a refi for a larger amount than I currently have but still keeping 20% in the home, I realize that I need to time this with the next property. Are you aware of any articles or previous blog posts that outline this experience?  e.g. I refi'ed my home with renters in it, took the money, found a deal, put together a new loan for the new property, purchased property. Perhaps this is dead simple observation, but it seems like that equity I took out (which I'm still paying interest on) should be factored into the new property P&L since taking out equity is never seemingly total free and clear.  

Hi,

I'm new to the forum and REI and am looking for advice on my real estate situation. I bought my first home in the Bay Area (Sunnyvale) three years ago on a jumbo loan with 20% down and put everything I had into a remodel done partly by me and partly with subs. My intent was to have a home to live in long term. But I was transferred by my company overseas this year (just as I finished the remodel),but found great renters and a good price. The monthly rent covers my loan, property taxes, yard care and leaves me with a small amount per month which I save for repairs. The value of the home has increased substantially over the last 3 years. I'm just renting here in my international assignment area. I'd like to turn my home into a permanent rental and buy my next investment property. I still have my original personal residence loan on the home. How could I use the equity and rental history to get money for the next venture? Was Anyone in the same situation that could share their experience. Links to other forum subjects covering the same situtation are welcome too.