What To Do With $100K Equity?

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! Okay, you know the drill. Like, comment, subscribe, ring the bell, comment,
click description and everything. Come on! Have some fun with us here..

You May Also Like