Use a Home Equity Loan to Pay Off Newly Purchased Home?

[Matt Lorenzo]

Hi all,

So, my situation is as follows. I currently own 1 condo, and recently purchased a duplex. Both properties are in Cleveland, Ohio. My condo is paid off in-full. It currently appraises for $63,000. I put 25% down on the duplex and currently have a mortgage of $57,000.

Would it make sense to get a home equity loan on the condo to pay off the mortgage on the duplex? Or, do you suggest I just continue to pay off the mortgage over the next 30 years with my regular monthly payments?

I plan to buy more properties in the future and could potentially take a home equity loan on the duplex. 

Thanks very much for your thoughts and input.

[Justin Frank]

@Mike Dymski thanks 🙏