Hi - I would like to acquire a property, but am short $20-30K for the downpayment. That said, I have $300K+ equity in my primary residence. Is it possible to (and/or advisable to) draw a home equity loan against my primary to bridge the shortfall for the downpayment and help me acquire the property? Any alternatives or red flags I should be thinking about?
Any thoughts or suggestions on this would be much appreciated!
If your investment is good then it is a good source. It goes without saying if you make a bad investment it is a bad idea no matter how you get the money.
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