How should I finance my Next property?

[Michelle Christensen]

Hi everyone, I’m in a bit of a dilemma and could use some advice. I’m looking to purchase a duplex with the plan to live in one unit and rent out the other. I’m turning my current primary residence into a rental property.

The challenge is figuring out the best way to finance this new purchase. I'm weighing a few options: taking out a HELOC on one of my properties, getting a second mortgage, or simply waiting and saving up the funds. I'm really nervous about adding more monthly payments with a HELOC or a second mortgage, so I'm trying to make the smartest move financially. I'd really appreciate any insights or suggestions from those who've navigated a similar situation.

[Caleb Brown]

I would save and not over leverage. You don't want to add properties without having the $$ to back it up.