Seeking advice on 1st rental investment
Hello,
Brand new to the forum...what a great resource!
I'm from southern CA and just got transferred to Houston, TX. I don't want to sell our primary residence; we would like to keep it as a rental and buy a home in TX to use as our new primary residence.
We bought for $410K (it should appraise for $500K) and owe $250K so we have some equity and very good credit.
We're looking to spend about $250K on the new home and have $25K cash.
Here is what I'm thinking:
Take out a HELOC to come up with the other $25K for the 20% down payment and take out a conventional loan to finance the rest. Is this feasible?
We're going to be hiring a management company to handle our rental property in CA.
Am I missing anything in your opinion?
Thank you in advance for all of your help!