I have a lot of equity and want to get into the rental property game. Just focusing on getting one right now and doing a lot of research. Is it a good idea to borrow equity from house to do this. Equity isn’t do much for me just sitting there.
@David Ford It's only a good if you know how and where to deploy it. What type of investor do you want to be? Single, multi, flips, wholesale? It's a factor to consider when selling, refinancing, or taking out a HELOC.
What are your intentions for the current property? If you're sitting on a paid off property maybe it's time to sell, tax free, and look for the next undervalued deal.
What ever you choose don't sit around trying to time the market.
I retire from my job with a pension in 11 years. My wife and I are in a new build construction so plan on keeping house for couple years until it appreciates. It’s already up 30k. Like I previously mentioned we have a lot of equity we would like to borrow for a rental. We want to build for a better retirement.
We are thinking a single Family home like a townhome. We don’t want to wait till we sell current property but willing to sell in couple years. Going back now I would of done things differently but my bed is made and looking forward.
Spoke to our lender and borrowing isn’t an issue. Wondering if it is a good idea or the best way. We have been putting our extra money on mortgage. Don’t want to wait couple years to buy rental if we don’t have to.
Thanks for the reply too by the way. I know what I want but unsure the correct steps to get there and appreciate the advice.