Equity Line of Credit

[Juan Cepeda]

Hello Everyone, I have a 175k rental property in South America that generates $800/month in rent. The property is paid off and I'm thinking about getting an Equity Line of Credit against it to buy a 250-300k house in Atlanta to flip and rent it. My plan would be: 1. Ask the bank in South America for a $65k against my property? 2. Buy a house with a 40k down payment. 3. Use 15k from the loan to make some improvements in the new house. 4. Leave 5k in case of additional repairs needed. 5. Leave 5 k for closing costs. 6. Rent the house for about $2,500/month. 7. Use the Rental amount to pay for the mortgage and the equity line of credit. Appreciate any comments/advise. Thank you,