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Category

😹
Fun
Transcript
00:00This question from Brody Villeux. You hear that French accent? Was that good?
00:04Villeux? Sorry, Brody.
00:05The question is, is it ever a good idea to burr a primary residence minus the renting part? Just
00:10buying a distressed home, renovating it, and refinancing it to recoup the costs that can be
00:15used for future investments, then living in it. What do you think about this one?
00:19I love it.
00:20This is a no-brainer, right?
00:21This is easy peasy. There are several caveats. First and foremost is, if you're buying a rental
00:27property and you're buying it on a 30-year fixed and you're putting your own money into it to
00:32renovate it, then refinancing that money out, I think that makes sense. But if you're buying it
00:38and you're not doing some sort of short-term loan, you're not using your own cash to put in there,
00:42you don't necessarily need to refinance it. You can get a line of credit on it and then use that
00:48line of credit if you need to, to buy your next property.
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