Home Equity Creditline as Downpayment
Hi everyone,
Is it a good idea to obtain a home equity line to use for a 20% downpayment on an investment condo?
I've bought two homes thus far and one was a bad deal - buy and hold, the other is my current residence that I managed to purchase at at great time which enabled me to have a substantial amount of equity.
Ps. Taking into account mortgage, property management fees, association fees and insurance. I would make ~$300/month.
Looking forward to the advice.
Simmy