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Should I sell and buy INVESTMENT? |
I live in the Greater New Orleans Region in Gretna, Louisiana in a 2200 sqft 2 story, home with a seperate mother-in-law detached house next door. NO FLOODING and NOT in a flood zone so, I was wondering if the market is good here and should I sell? I have been thinking about purchasing a LARGE investment property to bring me closer to retirement the property is in the 3million range... so about how much of a deposit would be required? Also, how do i pull equity out of home for downpayment without selling it OR would it be best to sell my home? THE WATER IS ALL GONE!!! NEW ORLEANS IS REBUILDING... If you sell, where will you live? If you wish to buy an investment property, talk to your local banks about getting an equity loan on your house to make the down payment on the investment property. If you are looking for a 3 mil property, I think that you might be able to get it with 300,000 down. Perhaps less although mortgage lenders are a little shy at the moment. They are currently taking a bath on the overpriced properties they lent money for 3 years ago. i think you should wait because prices might go up after all the flooding clears. |
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