I’m trying to get a heloc or cash out refi on a primary residence duplex.l under FHA.I have great credit but modest incomeWife has bad credit with better income therefore I don’t believe we will qualify for heloc.Our plan was to get heloc to use as a down payment on another house hack or general investment property.So far our mortgage company said they could do the cash out refi which would raise our mortgage from $800 to $1200 (current rate is 3.62) and the rate would go to 6.6To pull out hopefully 30-35k maxMy concern is if I do the cash out.

Reason #1:  If you're not careful even a bad lawyer can get it turned into a purchase, with all of the rent credited to the purchase. 

Second: writing off the full cost of a new car is badly overhyped.

Combine that with rates that are near high for this century.  3 things could solve this 1) RE prices fall (that would be bad for me) 2) rents increase a lot without RE prices increasing similarly (this would be bad for tenants) 3) rates fall a lot.  

$2300 down is a (bad) joke.

If calling a plumber to fix a real leak is going to kill your reserves, this is a bad deal on a property and bad cash flow.The first thing to learn as a landlord is that everything is your responsibility to cure.

Unfortunately I had a bad inspector who missed a lot which made it about a $60K renovation instead of what I planned for which was $15K.

GPS isn't always 100% accurate and trying to open the door of the wrong house can have seriously bad consequences.

Willard,FHA has taken a bad rap over the years but to be honest it’s a great loan for anyone looking to use the banks money and keep your cash in the savings.

I can give you a crash course on the good, the bad and the ugly of Binghamton.Binghamton is something of a unicorn market at the moment; it's a rust belt city with a history of low incomes and low property values.