Vacation Rental Purchase
We are considering buying a vacation rental in St Thomas, USVI.
We currently have a house in Tampa, Fl. worth around $260k - with no mortgage... it was paid off in full back in 2008.
We do not have the cash in hand to put down the necessary 20%+ on this new purchase at this time, so understand that we can't get a mortgage of say 90-100%.
I'm assuming our best path (all things being equal) is to mortgage our current house to raise this deposit of say 30% and to have 2 mortgages.
Was hoping you guys could give some guidance