Profile picture for user0133556

Home equity loan for investment property

Hello, I am cash poor right now but have a fully paid off home estimated at about 1.3mil. I would like to take out a home equity loan to purchase an auctioned house for appreciation and rental income. What kind of loan should i be looking for? Variable or fixed rate if I am planning to hold around 6-8 months. Thank you
  • July 05 2012 - US
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Answers (1)

Profile picture for amv6
The easiest way is to get a new 1st mortgage if you can get the house from auction in a short time. That would most likely be cheaper as well.
  • July 23 2012
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