Funds Out Refinance?

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Victoria phone calls Dave for tips on exactly where she desires to hard cash out her refinance.

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  1. Sell the car, keep the land/royalties.

  2. she could've refinanced, paid debts increased monthly cash flow, then taken some of the monthly savings along with the royalties to pay down the debt at a faster rate. Not to mention that she could've bought herself time to figure out the land debacle and got paid as much as she could've from the land to pay down the debts even faster. Yes, she was looking for an easy way out because she had the assets to do so, she just wasn't given the advice on how to do it.

  3. I say refi the house to pay off the land and car if needed. It's her money. Get a better rate and all interest becomes a tax write off. Continue receiving the land royalties. Why would you give up royalties? Most likely the physical use of the property went down due to the presence of a well, but the mineral rights went way up due to producing minerals. 20k for a car is not bad at all. Most likely it's under warranty and will not need repairs. If she sells the car, she will need to buy a used car that will still depreciate and will need added repairs that will cause more debt most likely.

  4. $1,100/mo for 12 months = $13,200/yr
    at a 10% return valuation that land is worth $132,000.
    at a minimum if she keeps everything she should use the royalty on top of her car payment and pay off the car in about 12 months.

  5. They are getting royalties plus there is a lawsuit? Something sounds odd here. Maybe there is a mineral rights issue?

  6. Sell the car and refinance the house to pay off the land.  Collect royalties from the land to pay off the house early?  And of course sue the guy.  Of course I dont know the whole story of what happened, so this may not work. 

  7. How many didn't know the answer before she dialed the phone?


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