Use a Cash-Out Refinance To Buy Another Home?

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 28 June 2021

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

Listen to how ordinary people built extraordinary wealth - and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Christy Wright, Rachel Cruze, Anthony ONeal and John Delony.

Transcript

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0:00.0	You're listening to Ramsey everyday millionaires, where we talk retirement, building wealth,
0:10.5	and outrageous generosity.
0:14.3	Christians with us in California.
0:16.1	Hi, Christian.
0:17.1	Welcome to the Ramsey shop.
0:18.3	Hello, David.
0:19.3	The one in front of you, my call.
0:21.7	Sure.
0:22.7	What's up?
0:23.7	Well, I just want to say my daughter, Danny, she turned me into your show.
0:28.2	The reason I'm calling is me and my wife, we live in California.
0:33.7	We are 53 and 53 and a half, this is 52.
0:39.5	Really thinking on stop, maybe hopefully working for my company in the next two years, 55,
0:46.7	56, we want to proper this.
0:49.5	One house, I live on, the other house, we rent.
0:55.3	I'm trying to get the best advice on what to do.
1:01.0	Both homes have equity.
1:03.3	The one I live on, my loan is 570, the house probably worth a million, four.
1:10.8	The house I rent is worth about 875, I owe one 43.
1:18.9	We were thinking of paying off the house, it's a 15 year loan, I have six years left.
1:24.2	The idea was let's pay it off, keep renting it, get 35, 3600 dollars every month, use
1:32.0	it for my primary home and maybe move out of the state to rent the two houses and buy
	...

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