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Updated almost 2 years ago,

Russell Sherman's profile image
Russell Sherman's profile image
Russell Sherman
  • Member since Feb 16, 2022
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Russell Sherman's profile image
Russell Sherman's profile image
Russell Sherman
  • Member since Feb 16, 2022
Connect
Russell Sherman
22
Votes |
25
Posts
1031 Exchanges

Home equity loan on rental house

Russell Sherman
Posted

I converted my former primary residence into a rental in 2022. Would I be able to take a home equity loan against this property to buy another property in Mexico? At some point I may want to sell the SFR? Is that permitted by the IRS? I purchased the SFR in the 1990's for $300k and estimate it's current value at about $1.5M. I would take around $300k in equity.

Los Angeles County, California
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