Hey Everyone, JP here
I have some equity in my home and I'm exploring options for a Cash out Refi so I can put that money into a house that needs some work and I can convert it into an short term rental(think AIRBNB) or start leasing it out.
I'm looking across the board and I'm seeing alot of older threads in here but nothing as of recently about starting out on the bottom as a real estate investor.
Granted that i have a slight edge in my favor, my wife is a real estate agent and we have been talking about this for some time and plan on doing them.
This is where the cash out refinance comes in. We know that we have at least 150k in home equity in our home right now, we could do a cash out refinance and if we do a 20% down we would be comfortable with taking out 40-50k and putting that down for the next property so we could lease it out/STR.
Was wondering if anyone around her had that experience?
The questions that I have in front of me right now is ,
How I can come up with the proper calculations for a ROI because the internet is stuffed with different models and approaches for a ROI?
What kind of loans should I look into?
I have some equity in my home and I'm exploring options for a Cash out Refi so I can put that money into a house that needs some work and I can convert it into an short term rental(think AIRBNB) or start leasing it out.
I'm looking across the board and I'm seeing alot of older threads in here but nothing as of recently about starting out on the bottom as a real estate investor.
Granted that i have a slight edge in my favor, my wife is a real estate agent and we have been talking about this for some time and plan on doing them.
This is where the cash out refinance comes in. We know that we have at least 150k in home equity in our home right now, we could do a cash out refinance and if we do a 20% down we would be comfortable with taking out 40-50k and putting that down for the next property so we could lease it out/STR.
Was wondering if anyone around her had that experience?
The questions that I have in front of me right now is ,
How I can come up with the proper calculations for a ROI because the internet is stuffed with different models and approaches for a ROI?
What kind of loans should I look into?
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