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Updated about 5 years ago,
Personal equity line for rental down payment
I have a property in Copperhill TN that is $300,000. I have analyzed this property over 50 times and the numbers work with an almost 14% cash on cash return. It would also cash flow over $600/month. I want to take action on my first property but wanted to ask what everyone thought about using my personal home equity line as a down payment? Or should I save up more money and leave my equity line alone. It would take me quite a long time to replace or pay back the $60k I would take out but it would leave me with 60k still left on my equity line to buy another property. Any insight would be appreciated!