Using a home equity line as a downpayment

[Simmy Thompson]

Hi everyone,

Is it a good idea to obtain a home equity line to use for a 20% downpayment on an investment condo? 

I've bought two homes thus far and one was a bad deal - buy and hold,  the other is my current residence that I managed to purchase at at great time which enabled me to have a substantial amount of equity. 

Ps. Taking into account mortgage, property management fees, association fees and insurance. I would make ~$300/month. 

Looking forward to the advice. 

Simmy