All Forum Posts by: Laurie Mosley

@Dave Foster thank you for explaining and sharing.

When you say own them, do you mean own free and clear or be the only person on the deed/title?

I just saved your website too.

Thx

Forgot to ask...what is a landlord loan?

Thx again everyone.

Do I need to find a mortgage broker in the state where the investment property is located?

Excuse my ignorance, I inherited the investment property so it's all quite new to me.

Thanks to those that responded!

May I ask what a 1031 exchange is?

Hello everyone,

Here is my situation.

I want to buy an investment property in SC, I have one investment property in FL paid for in full, I have my primary residence in Nm that still has a mortgage and probably $15000 equity.

Is it wise for me to use some of the equity from the Florida home say 1/3 which would give me 20% down easy. 

If it is wise, how should I go about it, refi, Heloc or does anybody have any other ideas?

I'm mostly concerned about how it would affect my debt to income ratio, right now I have my mortgage and a car payment, and a HOA fee on rental property.

Eventually I would like to move into the SC home and rent my current primary residence out.

Thanks for your help 

I have a mortgage on my home in Nm primary residence it's only $117.000. I want to buy a home in Florida to become my new primary residence when my current home sells. Would it be best to buy as second home or as primary residence.
I don't need to sell the current home as I already have sufficient down payment for the FL home.
Or should I refinance existing home keep it and rent out out?
Help don't know what to do!