All Forum Posts by: Vy Mai

@Justin Repp. Yes I am aware of the bank wanting you to reserve some money in the bank. So here are my rough numbers of what I'll be using with $67,000.

6 months reserve on main property: $9K

6 months reserve on rental property: $9k

40K for down payment

9K for closing costs

What kind of questions should I ask the lender? Should I get their pre-approval? I was thinking they wouldn't give me the pre-approval without having $67K in the bank first. 

Hi everyone,

My name is Vy.  Recently, an idea just came to me that I should take out home equity loan to invest in a rental property. I've always thought of equity loan as a taboo kind of thing but for some reason, I feel like it is the right choice for me right now.  I can take out $67,000 from my main residence property.  My question is: should I find a place near Boston areas or a place near Umass Lowell.  I'm leaning toward Lowell area as I will probably find cheaper property, hence less risky as a new investor. Any advices or inputs will be much appreciated.

Thanks

Vy