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Updated almost 5 years ago on . Most recent reply
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Cash purchase or mortgage?
My husband and I are looking at an purchasing an investment condo for a short term rental for under 100k with about 20k annual revenue. We have the ability to pay cash. Is it wiser to pay cash and have 100% equity to do a cash out refi later to use as down intent on future investments, or get a mortgage with 20% down? We are also hoping to start building our personal home this year which we will be needing to get approved for loan (we’re both self employed), and didn’t know if having another mortgage on this investment property would hurt our sent to income ratios. Any advice is appreciated!