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Updated almost 4 years ago,
Cash flowing Rental property
Hello out there,
I am a mother of 3 young children and I am consumed with wanting to secure a good financial future for them. We currently own our home and have some equity in it. We are still drowning in ny daycare costs (over 3k/monthly) which is more then my mortgage. I nevertheless have managed to save some cash and in the next two years want to make a move in real estate. We definitely need a bigger house as we had no children when we purchased our current home (small ranch). My question is this, should I keep my current home and keep it as a rental property? Should I get a heloc loan for the down payment of our bigger home? Or should I wait to save more money so I don’t have to use a heloc? Pros and cons on heloc would be very appreciated. Also thinking of buying a vacation home in Florida and renting it out. With 3 kids my risk tolerance is low but high at once. Don’t want to make a financial mistake as my kids depend on me but also understand that not making a move is riskier. Any advice on starting out would really be appreciated.