Keep cash or pay down mortgage
I currently have a mortgage on my personal property at 3.4% interest with around 100k in equity. I have around 30k saved at the moment and I am looking for a single family home to turn into my first rental. My question is should I keep the cash in my savings account until I get a deal under contract or should I put that 30k towards my home loan and when I need it pull it out via heloc?
Most Popular Reply
Austin, as some people mentioned already, keep your cash so you are in good position to purchase something that comes around. In Milwaukee there are going to be plenty of deals to choose from and $35,000 is plenty of money to jump into something. I live in WI.