Rental Income or Cash Out Refi
As title says, I am building an ADU right now. Once complete I’ll prob net between the two houses 3k. I am debating doing a refi to take 4-500k or just keep the cash flow. I am leaning towards the refi. The money would just go into the market, I don’t have any plans to redeploy it. I maybe would pay down my primary 5.5% mortgage. The rates in the refi I’m getting quoted are 6.5%
Edit- thanks everyone for the feedback. Def won’t take money out to just put on my primary mortgage. I guess the question is more should I cash out refi where the rental revenue + reserves is enough to cover the debt service while putting the money in the market and having the flexibility to do what I wish?
u/ForsakenGround2994 — 1 day ago