Updated about 6 years ago on . Most recent reply
Best use of cash and home equity for a down payment?
Newbie here. I'm trying to decide the best way to fund my first deal.
I've got about $20k in cash to spend and up to $164k in equity on my personal residence. I also have a car loan for $8k. I'm wondering if I should pay off the car loan and use the remaining cash and a portion of the equity for a downpayment on a duplex. Or should I keep the car loan so as to have more cash available?
I'm looking at properties between $70k-$150k.
Thanks for your help!
Most Popular Reply
Nicole Heasley Beitenman
#5 Medium-Term Rentals Contributor
#5 Medium-Term Rentals Contributor
- Investor
- Youngstown, OH
- 2,451
- Votes |
- 2,984
- Posts
Nicole Heasley Beitenman#5 Medium-Term Rentals Contributor
#5 Medium-Term Rentals Contributor
- Investor
- Youngstown, OH
I agree with @Anthony Dooley regarding the car payment. They're a financial drain.