Sorry.. Another Question
I mentioned in one of my prior posts that we wanted to buy a multi family property. Should we take out a HELOC (although we just purchased, we did so through a lease option and have equity that we can tap; as this was one of the deals with the l/o program we joined) to put a down on a m/f property?
We don't necessarily want to take out any loans against our present house unless we have to. We'd like to keep one property ; our current primary, free from loans...
How may we be able to do that?
Thanks for listening :-D or, reading ..
Use a better topic next time. Something that highlights the question. More people will look.
1. I can not tell if your present property is free and clear or if you owe something on it.
2. If you need a down payment and you do not want to tap into the potential equity in your primary residence then you are stuck. Either wait while you save more or change the rule about not borrowing.
3. If you bought a place on a L/O, consider finding another L/O deal. That is a way to get in with little equity.
John
[addsig]