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Investment property use equity line to buy more property? |
I have an investment property which i rent out, i was wondering if i took out an equity line of credit, if i could use that money as a down payment to buy another property.. I've actually been thinking about the same thing. In my opinion, home equity loans are too high an interest rate to be worth putting into another investment property. I looked into it about 6 months ago and most loan companies penalize you not only for taking a HELOC, but because it's an investment property. Expect to pay up to 3% higher of an interest rate if you use that line of credit. A better way would be to take a bigger mortgage on the new property or just save more for a down payment. probably, but your total outstanding debt would go up so you would be paying interest on a higher total amount, so make sure you figure out what you can really afford first, you have to plan on the possibility of having several months without renters. absolutely the equity line is money that you can use for whatever you desire Yes you can as long as you can qualify for the new loan as well as the next purchase you are talking about making. I am working on a few of these right now. Yes you can if you qualify for a loan. I started with one house and now have 8 and used equity in houses. |
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