I recently had my real estate agent try and talk me into doing this with one of my properties. I was looking at building a new facility closer to my house, and asked him to start looking. I had planned on renting out where I am now to make a little bit of money monthly. He told me he had someone willing to rent for $8,000 month for my building in January 2021. He asked how much I owed on that property. It was about $493,000 then and what he said was, I should get the five year lease at $8k monthly, then refinance it. He said it would be worth between 1.1-1.2 million at that rate. So he said do that, you’ll have the equity in it to meet the 20% and then take the rest as a tax free distribution which would be over $300k after paying off the original loan. I could be mixing it up a bit there, but that was the gist of it. Anyway, I told him my monthly payment would almost triple, putting it close to the $8k I was getting. What would I do if the person defaulted? He told me a bankruptcy would kill me unless I had the funds to cover. It seemed cool in theory, but for me not worth the risk. A lot of these folks pulling money out to buy shit they don’t need is why we have problems. What my plan was, was to take the money I pulled out and use it as part of the down payment to build my new facility. Then covid hit and I’m glad I stayed liquid.