Using home equity loan to buy a rental property

[Albert F.]

hi all I need a little advice on a what I think it's a good deal. I'm trying to buy a Reo in Puerto Rico. It's a multifamily and need about $25,000 in repairs. The first level has 4 bedroom/ 2 bathrooms and garage for 3 cars. Second level has 2 bedroom/ 1 bath plus plenty space for possible additional room. Bank was asking 130,000 but my offer was for 64,000 and it was accepted. Now my big question is .. Should I get a equity line of credit against my home to buy this property? $ 65,000 @ 2.47 for the first year and payment will be around $ 367.00 monthly and then after the first year the interest is 4.27 variable. The property after repairs has a potential value of $120,000 and monthly income of $900-1000. Is this a good move? Or should I consider other options for financing? Please help, thanks