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Updated over 6 years ago on . Most recent reply

User Stats

3
Posts
1
Votes
Austin Dudley
  • Contractor
  • Gardnerville, NV
1
Votes |
3
Posts

Is using your home equity to buy a sin. fam rental a wise choise?

Austin Dudley
  • Contractor
  • Gardnerville, NV
Posted

I live in an area that is rather expensive to own a home. I scored on buying a home for 220k and now years later it’s worth about 460k. Is it wise to use this gained equity in buying another property in my area where buying a rental can mean somewhere around 500k? The interest rates are still relatively low, but I’m unsure of buying a rental in such an expensive area. Would it be better to wait till the boom drops? Thank you for any help!

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