Can an office in a master bedroom be called a bedroom?

2 Replies

I'm thinking about purchasing a different home to live in and putting down only 5%. I will have to pay PMI of about $500 per month. I could get a HELOC on one of my rentals for the other "15%" but then I would be paying about 6% interest on 100k. Within 90 days of buying I'm going to update my existing home and sell it. I will net about $150k cash on the sale. I could then put down another 15% on the new home I purchased and get rid of the PMI or I could purchase another small rental house for $150k. From that rental I would have income of about $1,100 per month (or more). Thoughts?

Your question has nothing to do with the title of this post... do whatever makes sense with the numbers. If that means having one property over two, do it. HELOCs are mostly variable rates; so that's another thing to consider.

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