All Forum Posts by: Chris Schorre

Thanks @Jerry Padilla and  @Jordan Moorhead. We will actually be getting a larger home with the new purchase. The value of our current home is in the land as it has multi-family zoning and is walking distance to downtown Austin. Not sure I fully understand the HELOC play however. If we buy a home for $400K, put $50K into rehab and it is worth $500K post renovation, are you saying that we can then get a loan by putting less money down overall because we would essentially be working the reno costs into the loan?

@Jerry Padilla

Hi everyone, total newbie here...my first post. I am looking to purchase a single family home in Austin Texas for about $500K and then rent our existing home (also in Austin) - which we can net cash flow about $1,000/month. We have about $900K in equity on our current home and roughly $150K in liquid cash. So, my question is what financing option should we explore to buy the second $500k home? Bank financing with 20% down? Or home equity loan on primary home? We both have excellent credit of 810+.  After we buy the $500k home (which will become our primary residence), we do plan to buy more rental properties in Austin. Appreciate the advice.