[quote=earlyretirement][quote=flu]EA…. well for one investment property I’m trying to cash out refi… get this
Borrow $100k on an investment condo…
With 30 year fixed on 3.375% with 1.875 points (closing cost $6k)
Or 30year fixed on 4.875% with -1.551 points (closing cost $3k)…
Uh… yah…Cashing out $100k from the primary would be much cheaper..Maybe’s me think some times why even bother…But then, I guess I need to nickel and dime wherever I am…Save reserves for cases really can’t get a loan….
But yeah, I’m gonna be bending over on this one.[/quote]
Yeah, even though it’s cheaper to cash out on the primary, I agree with your strategy flu of exploring other methods. Call me crazy but there is a great psychological feeling of having your primary residence paid off. I know you’ll still have debt even if you don’t tap into the equity, I’ve always liked the feeling of having a paid off primary residence.
And I guess always good to save for a “rainy day” and be able to top into that.
You sound like you have a lot of rental properties. Can I ask how many you have? I have 10 rental properties.[/quote]
Actually, not that much. 1 in san diego. 2 elsewhere in CA. I’m trying to get more here in sd. I’m pretty new to this locally.. Hoping for more in SD. I have lived around in CarmelV, and for while was looking at picking up townhome when the numbers looked like they were going to fall lower. There was a period of time i was looking at many townhomes in CarmelV and condos. Crest, Andulucia, Heights (apartment convert), Carmel Pointe (apartment convert), Pell Place (huge new buyer getting screwed ), Palmero,etc,etc,etc. It didn’t work out (well, hasn’t yet). I’m trying to juggle around resources anticipating hopefully soon purchases. Also, I’m trying to keep my thumb on what the equity markets are doing. Don’t want to miss any sort of rebound there either.
My goal starting beginning of the year was to move partly out of the equity markets for some lower/yet more predictable returns, just in the thing hit the fan… It sure looked like it was about Feb/March months ago in the stock market…Not so much right now…My regret was not being more agressive earlier.
Really, I’m small potatoes…So try to learn from bigger potatoes…
