Alright friends, If I were going to give you a $100,000 or if you had a $100,000 of equity
in your home, what would you do with it?
Hey friends, Stephem Michael Miller here, and I'm going to be honest.
I'm feeling maybe a little scared right now because I've got a comment from skull splitter,
if that's you, thank you for your comment, thank you for your question.
You are basically asking, I've got $100,000 of equity in my home.
My name is skull splitter!
Okay, anyway.
I've got a $100,00 equity in my home right now and your question is really what do I
do?
And you listen off a few different points on your comments and hopefully I'm understanding
your points but I'm going to go through some of those points, and if you are or anyone
else has some questions or or would like to add some of the comments, please put in the
comments down below.
We'd love to hear it from you as well.
So if you've got $100,000 of equity and you ask, do I sell?cash out?
Do I rent for a couple of years maybe and then repeat that or do I get a HELOC?
A home equity line of credit.
What do I do?
So I want to kind of go into this.
I'm going to help you see maybe some of your options of what you've got to do and I'm going
to ask you not to split my skull whether you like or dislike this video please, thank you.
So you've got a $100,000 in this home and I'm going to give you a few different options.
Based on some of the things you said and the what I think that you are asking, I'm just
going to give you some different options.
Option number 1 "Stay living in a home", okay?
So option number 1 you're going to stay in this property.
If you stay in this property, you can do a couple of things.
You can do what's called a cash out refinance, right?
Which is basically, doing a refinance on the property.
Pulling some of that initial cash out that will possibly increase your monthly payment.
But it gives you access to that capital to offset that monthly payment by going and buying,
producing investment properties.
So that's number 1 option.
Option number 2, along with that is this stay in the home and "do a HELOC".
A home equity line of credit or a heloc is simply a cash out refinance.
You want to do some research as to which one in your area is going to be the best for you
sometimes, they have very similar interest rates.
Sometimes, they do not.
So you probably want to choose the one that has the very best interest for you or that
is cheapest money, right?
You want to spend the least to get the most money out of that.
So.
either a home equity line of credit or a cash out refinance could work for you in that situation.
Option number 2 - " Sell the property".
Alright, you just sell the home and you may be get into a different home.
And this is another option that you have.
Sell the home put a $100,000 of equity.
You said you want to rent for a couple of years, I would recommend never renting.
Renting is just throwing away your money.
So if you're going to sell your home, you might want to take a small portion of that
to get into your next property that you're going to get into your next primary residence.
Buy it right.
But it with intent to turn it into a rental property or a lease option type of deal.
So I would say don't ever rent if you don't have to.
But you can sell it, take some of the money to buy your next primary residence and then
take a portion of that to go to buy a some investment properties.
Maybe you'll only be able to do one or two investments properties in that way but that's
also another option.
I would say option number 3 would be to not sell but to "move into another primary residence".
This option number 3 is really kind of a conglomerative of some of this options.
Don't sell.
Don;t stay in the home either.
Move out of that property, turn that property into an investment property.
Because by the way, even if it's an investment property, you can still pull money out of
it.
You can still...
you know if it's a good property, and you're payments are lower on it, you may be a little
cashflow even more heavily on that property.
So you already have a property.
Go buy, you know...
Go into another primary residence or buy another primary residence because you can get into
that home cheaper.
So, in other words, you've got a lot of really great options.
One of the best things that I would tell you right now would be to, honestly, talk to one
of our team.
Let's get you a proper game plan and understand what some of your best options would be.
But those three are really some of the ones that I can see just off the bat.
Again, just to go through those real quick.
You can sell the home, just get out of it.
Take that money and go to into other properties.
You could decide not to sell the home.
Do a cash out refinance or heloc or acess some of that money and go put into investment
properties or you could get out of the home, not sell it, still pull some money out.
Go buy another home cheap.
Turn that one into an investment property and take the rest of that money to put into
other investment properties.
I personally prefer depending on the situation, I think one of the best option would be option
number 3.
But whatever option you choose, my recommendation is get after it.
Start doing some real estate right now and skull splitter, whatever we can do, to help
you in real estate, we'd love to help you as much as we can.
Have a fantastic day!
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