All Forum Posts by: Slater Pope

1. When you move into the townhouse, make sure you get roommates to keep that nice rental income coming in. Then instead of being $1,100/month ahead, you could be $2,000+ ahead from your prior situation. That makes for an epic $24,000+ in savings per year!

2. Because rates are so high right now, consider doing a HELOC through a local credit union before you do a cashout refinance. A HELOC would be nice in your situation because you don't know what amounts you'll need and when but with a HELOC, once you've identified the next investment, you can simply borrow the right amount at the right time.

Good luck!

Thanks for the advice! I didn't think about renting out one of the rooms. I will definitely do some more research on the HELOC, I've banked with a local credit union for 7 years so I'll start there!

0 Votes

Albuquerque, New Mexico

Quote from @Chris Seveney:

@Slater Pope

If you move into the house would you still get rental payments on it?

I could potentially rent out one of the rooms.

0 Votes

Albuquerque, New Mexico

So I’ve found myself in a bit of a unique situation. I recently inherited a fully paid off 2bd, 2bth townhouse estimated price is $140,000 in a decent location right outside of Albuquerque, NM renting for $800/month. My plan would be to move into the house to cut rent out of my expenses (currently paying $1,100), refinance it, then use that money for a down payment on a multi-family rental. Any advice would be greatly appreciated, thanks.

0 Votes

Albuquerque, New Mexico

All Forum Posts by: Slater Pope

Slater Pope has started 1 posts and replied 3 times.

Post: Refinancing for an inherited townhouse

Post: Refinancing for an inherited townhouse

Post: Refinancing for an inherited townhouse