All Forum Posts by: Conrad Anthony

Thank you Daniel!  I appreciate your advise!

Also, I willdefinitely frequent your blog!

I have the income, and i plan on renting the property. We have savings, but would like to utilize another vehicle to aquire the property.

Thank you for your inputs Wayne and Mark!!

Thanks Rob. 

Do you think using my equity is a good idea Being that this is my primary property??

Background:  Sooooo, my neighbor passed away a couple of weeks ago and has left his house to his granddaughter who wants absolutely nothing to do with the property.   Her and i spoke about the possibility of doing a fsbo, and working with an attorney to close the deal.  The house is old but has great potential, and she has already decided to reduce the asking price by 50k as a result of the new homeowner having to upgrade the entire home.

Going in conditions: I currently have a mortgage that is in my name only, which i owe 209k.  My home recently appraised for 280k.  My wife has perfect credit, but an insignificant income, as she only works 4 to 5 months out of the year as an Air Force Traditional Reservist.  

Question: Will i be required to provide 20% down to purchase the property?   Secondly, is using the equity in my primary residence a good idea to aquire the second property??

Clear as mud?? 

Thank you in advance for any help!

V/r

Conrad Anthony