Heres What Im Thinking
hi everybody. im a newbie at this so please bare with me.
this is what im thinking, i bought a townhome 2.5 yrs ago for an eventual investment. now i've racked up approximatly $31000 in equity. im ready to get into something else . so i thought with that i would take out a home equity loan for $31000 . ( 5.75% 30yrs. $175 mo. ) with the money i was going to pay off my car $14000 ( $357 mo. ) and a personal loan $5000 ( $127 mo. ). then with the difference $12000 invest in my next property a sfr that i would live in and i would rent out my townehome for $700 mo. my mortgage payment on the townehome is $318 plus what would be my equity loan @ $175 is only a toal of $493. plus i would be saving $484mo. from paying off my car and personal loan. lastly do you guys feel this is a good way to go about getting that next property. or should i do equity line of credit , hard money , etc. or any other options
thanks for your input,
joe 
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