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My brother in law swore I should take the cash out and put it all in his buddy's trucking deal
Back in 2021 I pulled $68,000 out of my house in Bakersfield to cover a new roof and a busted sewer line, and my brother in law kept pushing me to hand the leftover $22,000 to his buddy who was buying two used semis. I said no and just kept it in savings, and his buddy's whole thing fell apart about 8 months later when one truck blew a motor in Barstow and the other got repo'd. Did anyone else get talked into a cash out refi for something other than the house itself, and how did that go for you?
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harris.james12d ago
Keeping the money in savings was the smart move, plain and simple (pulling cash out of your house to fund someone else's business idea is a whole different level of risk). We did a cash out refi back in 2019 for a similar reason, needed a new HVAC and some plumbing work, and we had about $15k left over. My wife's cousin was pushing us hard to put it into a food truck he was starting up. We parked it in a high yield savings account instead and just let it sit. His truck lasted about a year before the transmission went and he couldn't keep up with the payments. That leftover money ended up covering a layoff we didn't see coming in 2020, which was a lifesaver. Sometimes boring is the best play you can make with borrowed money.
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