How do I finance for my next primary home while renting out current home?
I have 225K in equity on my current condo. I want to rent it out which would be a wash that includes mortgage, condo fee and taxes. How much equity can I take out to finance a second property? Will banks include rental as income?
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Answer by Rus
so how many units do you have? or you own a single unit condo? and you can move in tenants sign a yearly contract with them and make them put down a deposit just incase they destroy the contract this deposit will be enough money to keep your house covered lets say for few months while you are looking for new tenants to move in that way your not losing any money but if they stay through your contract and they need to tell u ahead of time that they want to leave that way you have time to find a new tenant to move in right when the current tenant moves out and you can pull out your equity from the house and use it toward buying your next rental unit let me know if you have further questions you can email me ill answer it thank you sir hope i helped you if not my email is below thanks.
my email is vadim911@live.ru thank you
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