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All Forum Posts by: Matt Bode

Matt Bode has started 3 posts and replied 13 times.

Buying & Selling Real Estate

Post: Renting owned home- buying new home

Matt BodePosted
  • College Station, TX
  • Posts 13
  • Votes 0
Basically I'm asking if I should pay off the house? Or should I use my money to put 20% down on a newer home and have my rental basically pay for my new home?
0 Votes
Buying & Selling Real Estate

Post: Renting owned home- buying new home

Matt BodePosted
  • College Station, TX
  • Posts 13
  • Votes 0

Current house is appraised at 280k, looking to purchase one in the 400k range.

0 Votes
Buying & Selling Real Estate

Post: Renting owned home- buying new home

Matt BodePosted
  • College Station, TX
  • Posts 13
  • Votes 0

First post so be easy- Cental Texas resident

I'm about to pay off my home, (or possibly hold off- owe 45k at a 2.75% interest rate) and would like to start renting it out, and purchase a new house to live in.

I'm reading that I should open an LLC-

My question is, what is the smartest way of doing this? Should I take some type of equity in my owned home to purchase my new one?

I just don't want to get into my emergency fund for a down payment on a new home to cover the 20% down payment. Anything I put would help.

0 Votes