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Updated almost 3 years ago on . Most recent reply
Can I use equity to pay off debt and buy first REI Property
Currently in Gilbert, AZ. House is paid off and valued at $420k. I want to get started in Real Estate Investing but I have a 689 Credit Score. Thinking about getting a Home Equity Loan and using that to pay off debt (Roughly $70K – Student Loan, Credit Card and Car loans) and buy our first investment property. Wife stays home, I make $110k.
Is it possible? My concern is I don’t know if I will be able to get a loan right away. How long does it take for your credit to go up after paying everything off?
Also worried about buying at the top of the market… Everything around me is $400k+
My plan is to use equity to pay debt, buy new house and rent our existing home. Has anyone done this?