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Of course, it's "feasible." Is that really what you wanted to ask?
Well yeah , the reason I’m asking is For some reason, I thought my loan officer mentioned that I couldn’t do it . We had the convo last year but apparently I may have not remembered the context .
You're spreading your self too thin if you can't come up with a down payment for another rental property assuming you are taking out a mortgage for the rental property. House prices are at bubble levels so one misstep and it's 2008 all over again.
Quote:
Originally Posted by Jimmyp25
I just did that last year ... wondering if I could heloc the rest of the equity ...
You're spreading your self too thin if you can't come up with a down payment for another rental property assuming you are taking out a mortgage for the rental property. House prices are at bubble levels so one misstep and it's 2008 all over again.
Thin ? I have the money in the bank . Why would I use my own cash when I can use the banks cash ? I make plenty of money and own my own company . I have a all cash sale offered to me for a property that is worth well over 50k the asking price . I have no car payments own my own company and have a salary of over 300k a year . I’m pretty sure I can afford this one lol . Plus this is in the Texas market multi family . Prices are not going down here anytime soon . Bubble or not . You cant find anything here . According to my understanding using credit as leverage is your best thing. Inflation will be hitting hard the end of these year and I choose to invest in assets and commodities at this time.
You're not making sense. Why not take a regular mortgage? Or pay cash for the property and take out the equity with a HELOC.
Quote:
Originally Posted by Jimmyp25
Thin ? I have the money in the bank . Why would I use my own cash when I can use the banks cash ? I make plenty of money and own my own company . I have a all cash sale offered to me for a property that is worth well over 50k the asking price . I have no car payments own my own company and have a salary of over 300k a year . I’m pretty sure I can afford this one lol . Plus this is in the Texas market multi family . Prices are not going down here anytime soon . Bubble or not . You cant find anything here . According to my understanding using credit as leverage is your best thing. Inflation will be hitting hard the end of these year and I choose to invest in assets and commodities at this time.
I just did that last year ... wondering if I could heloc the rest of the equity ...
That would be up to a lender. Call around and ask.
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