How large a loan can I get with $100,000 in equity

[Joseph Caster]

I want to use the equity from my personal home to buy my first rental home. I have $100,000 in equity right now. If I went to a bank to get a home equity loan how much could I get? I'm looking at a foreclosure that I think I can get for $30,000. I'd like to put $15,000 into repairs. Could I finance the entire loan just from my equity? I appreciate anyone who could help me with this!

[Anthony Dooley]

What I normally see is 75% loan on the equity. You could get $75,000 and fund two deals like you are describing. I would look for a small apartment deal. Use the 75,000 as a 25% down payment on a $300,000 purchase. The equity is "seasoned" money and you can get a 75% loan against the new purchase. This should cash flow better than an SFR. I don't know if your market has something in that price range, but I would look.