Buying a rental, using Home Equity Loan and Financing

[Chris Webb]

I apologize in advance if this has been discussed. I have discussed something in the past relating to this, but this was more specific to my current situation. I did a quick skim and didn't seem to find the answer I was looking for.

For years, I've been researching and reading about getting into real estate investing. I've bought all the books and listened to the podcasts and have yet to pull the trigger. I'm finally in the process of making a plan and a property recently came open near me for $103k that appears to fit the bill. Unfortunately, I can't use any money of my own to fund the downpayment. But we have enough equity in our home to cover a 20% downpayment. This still leaves me with the remaining $83k to fund through a conventional lending. 

Bad idea? I don't want to be so eager that I force something to happen. Yet, I don't want to sit back and let opportunities pass me by.

Any suggestions, tips, ideas would be appreciated! 

Chris

Happy New Year