Need opinion on possible house buy
Okay, I would like everyone's opinion. I've got my eyes on a house that's listed as a short sale. The potential home value is 20K more than it's listed as. My thinking is that I would put 20% down on the house, and live in it, thus cutting my rent/mortgage expenses in half. The mortgage would be around 400 a month. This would allow me to save a lot more, in addition to the equity that's potentially built into the property. Would it be possible to make use of a home equity loan to put down on my next property. If so, this seems like a potential win/win. Before i would make a move on this house I would have a home inspector look through it, and to have it's value appraised.