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All Forum Posts by: Michael McCollough

Michael McCollough has started 1 posts and replied 1 times.

Investor Mindset

Post: Use Equity to Buy Property

Michael McColloughPosted
  • Posts 1
  • Votes 0

I have zero mortgage on my current home. I have an opportunity to buy another house and assume a 3.375% FHA loan. I'd need to borrow about 50% of the value of my current home to fund the remainder of the price of the new home, and would retain the current home as a rental. This can look risky to a bank for a first time investment property, but I think it's a deal I need to make to start my journey investing. I've got a tenant ready to sign a 2-year lease. Is private capital a recommended route vs conventional borrowing?

0 Votes