OfflineI bought my condo which I live in 1.5 years ago.
I bought it for 205k, and now the value is 160k.
Should I start using IEE and assigning to make money to go out and buy something else, and just rent out the condo?
I would like to buy a multi-family, but the bank says my salary wont cover both mortgages. Unless I come in with like 50% for a down payment. Then there would be less documentation.
I this a good idea?
Thank you
Scott
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If you rent your condo and show proof to the bank ( a lease) that the rent pays for the condo it self. I am pretty sure you can buy the other property. I know there was a post about this where only 25% ( not sure of the figure) of the condo would go against your income to debt on both homes.