Updated almost 2 years ago on . Most recent reply
Advice on using heloc to get new primary home and turn old home into rental
Hi everyone,
I am new on the BP forums and have enjoyed reading up on many posts. I am looking for advice on what direction to head. We currently own a sfh and have roughly 110k equity. We have a great rate and I believe could get decent cash flow if turned into a rental. Would it be smart to use a heloc to help for a down payment on a new primary home and turn original into rental? I understand we would then have heloc payment as well as a higher monthly mortgage because of current rates (assuming new home similar value). But on the flip side it could get us going in real estate and would get rid of our original PMI.
Any advice or thoughts would be much appreciated thank you all!