I bought 1st house in 2023 and house hack with two other roommates that covers the mortgage for me. I’m very bullish on my specific area regardless of a real estate downturn because of all of the commercial development happening there. I found another property with much better land/ slightly better location (2 minute walk away) (3br/1ba) but they are asking $325k when I bought mine which is much bigger (4br/2ba) and was in much better shape for $255k. It’s been on the market for 2.5 yrs.

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What’s your current rate on your mortgage? Have you gotten a quote on what a cashout refi rate would be?

You mentioned paying off CC and loan debt. What debt do you have now? What rates? I normally wouldn’t suggest a cashout refi to payoff CC and loan debt at the current interest rates, so that raises a red flag.

If you can level up and acquire a second property, go for it. I’m not sure what the eligibility requirements for a FHA loan would be, and I think you need to look pretty critically at all of the numbers to see if it makes sense.

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I agree, all my debt came from my house pretty much

Should I cash out refinance my place payoff all cc and loan debt before I try to get a FHA Loan on the second place or just try to get the second place I’ve been approved for 225k but I would never pay more than that anyway for the place? I believe conservatively my house is worth $500k based on two other smaller fix and flip properties which were a 3 minute walk away worse location but sold in less than two weeks for 700k + in the past month both were smaller than my current house

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