What to do with home equity.
Curious peoples thoughts, I have some equity in my home, probably around 60k I would say. I am interested in peoples thoughts on what to do with it.
I could use the money as a down payment for a rental property, I would just need to make sure the profit covers not only that property, but my new equity loan, which I feel could be a challenge to find a property that cash flows that much.
Or I could look at doing a flip, and just use the equity and a hard/private money loan, then just pay it off afterwards.
What does everyone think the best use of this money would be?