Thinking of getting a second property
Want to increase my real estate portfolio and thinking of getting another property. I currently own a home ($200 mortgage bal., $400k value) and want to rent it out and move in to a new home.
My income is $75k and I dont have any other debts.
The question is if I get a HELOC and use it as a downpayment for the new home, what price range should I be looking at for the new home?
I dont want to end up in a very high priced home, only be paying interest-only payments on the HELOC and end up in a debt hole.
My income is $75k and I dont have any other debts.
The question is if I get a HELOC and use it as a downpayment for the new home, what price range should I be looking at for the new home?
I dont want to end up in a very high priced home, only be paying interest-only payments on the HELOC and end up in a debt hole.
Thank my post if it helped!