Convert main residence to down payment on multi family
Hi Guys,
Looking to either sell my home (fully owned), or get line of credit and use as down payment for multi family. The goal is to find one deal that will produce enough cash flow to provide basic income. Few years ago I was able to do something similar with my ex but prices were lower than. The loan was provided by a local credit union bank, the ROI was great.
Don't have much steady income to show (as far as w2), some passive income, some cash on the side, and pretty good credit score.
I'm looking for the best option to borrow (and be preapproved) so in case I sell my home I can just move in on a deal. I don't want to lose ownership over my home and wait too long without putting investment in place as cash in hand is a dangerous thing!
Also I would be interested which markets may work for something like that?
Thanks
Rami