Home Equity loan for down payment?
I am buying a house for way uner value in 2 months. I was going to take a home equity loan out in a few years and put 25K down on a duplex. Someone told me that it is very hard to get a mortgage if you took out a home equity loan for your down payment. Is this true?
I wanted to roll the down payment over by taking out a home equity loan on the duplex and buying another duplex. I wanted to maximize the profit on the duplex before purchasing the next one. The start the cycle over again.
Is there a better way to do this? What about using a home equity loan for a dawn payment?
thanks
Steve