Leveraging your personal home for rentals

[Maggie OReilly]

I own my home after paying the mortgage off in 7 years. I have $200k+ in equity. I am thinking about trying to use it as leverage to buy a rental. I am a product of Dave Ramsey so the idea of levering what I’ve just worked my butt off to pay for is scary. I also have no other debt and the idea of carrying debt scares me. Has anyone done this? Thoughts? How do you get over the idea of possibly having to float mortgages if there are no tenets or if you make a bad choice/deal?