This would allow you to pull out ~$100k, assuming your home appraises for $500k. 7/6 ARM is good, especially with 1.99% locked in.

I'm proudly serving in the Army National Guard and have plans to get my real estate license very shortly to become a realtor and real estate investor.

@Joshua McMillion,This year was more about creating a launch pad as I retire from the Army next year, but yes, I am going to achieve my goals.

Hi @Joe Nguyen, Typically when there is a recession, rates go down so mortgage products become more attractive.If you are going to utilize an ARM, I would get a hybrid ARM.That way, you are getting a fixed rate for the first 5 or 7 years, then you are refinancing within that period to get into a 30-year fixed.This way, you get better rates than a 30-year fixed while still having a fixed rate for the first 5-7.The bet you are making is not that rates will be lower in 5 to 7 years.

Like you mention, ten units would be commercial and therefore an ARM.  I

21yrs ago, I was jumping out of airplanes as a paratrooper in the Army.

An ARM is really ideal if you plan to sell the property before the loan rate adjusts.

I have family in the Army that are currently stationed near Columbus, GA.

Targeting the front range:  Morrison, Bailey, Indian Hills.  

I made my first loan while deployed with the US Army, on the side of a mountain in Afghanistan.