Using Home Equity Loans to by multi-Families????????????????
I bought my first home this past year, a single family, which I got for about 60k below what it was appraised for. I recently took out a 60k H.E.L. @ 8.13% and used 20k to pay off bills.
Now, I would like to by a 2 or 3 family home. Should I try to buy a house, using 30k of the HEL, which would be around 20% down??? And will it save me from having to get pmi???? And avoid having to live in the property???? I would like to get properties while continuing to live in my own residence.
And if this is a good idea, can I do this once a year, taking the equity out of each house and putting it as a down payment on another?????
Will I continually get approved for mortgages and Home equity loans like this?????
My goal is to accumulate properties and hold for the long term.
Any feedback will be helpful. Thanks