How can I leverage my first investment home

[Justin Campiotti]

Last year, I bought a small condo with some cash I had saved up. It is now appraising for around $80,000. I own it outright and the cash flow is OK. What ways can I leverage that equity to purchase another property? Can I use the equity as collateral to purchase another investment with no money down, or will I need to take a loan out on my first property to get cash for a down payment? Are there any other options? I plan on talking to a lender soon, but wanted to have some idea what options are available to me before I do.

Thanks in advance for your advice!

[Greg B.]

Take this with a grain...

Personally I'd go with the line. Why take a $60k loan if you come across a property that you would only need say $25k. Now you're only paying on the $25k instead of the 60. Plus you have the additional $35k that you're not paying on to find another or hang on to if something goes south. Good luck!