Updated almost 10 years ago on .
Noob with financing question
Hello from Connecticut.
BP is fantastic resource! I can't stop reading!
I currently own a two family with my two brothers. We inherited/bought the property off our other siblings. We kept our share and mortgaged the balance to pay off the siblings. We have knocked down the mortgage by 25% since 2013.
Another two-family came on the market in the same neighborhood and we'd like to buy it.
My questions are on financing. Should we use the equity in the investment property to but the new IP? Should we get a business loan and wrap the two mortgages together? Should I use a HELOC on my primary residence to fund the new purchase?
My brothers do not have great credit scores so it's all on my credit score.
I can keep asking questions but that would be really noob of me!
Thanks for your valued advice!
jim