Just wondering if I put a considerable down payment on a home and built more equity over a few years if it would be possible to take a home equity loan out to put a down payment on another home that would be used for investment purposes? A rental property/duple/apartment complex etc….
Of course I realize that the home equity loan would need to be paid back but I was wondering if people out there do this on a regular basis?
If not can anyone give me creative financing ideas when it comest to purchasing multiple homes for investment purposes.
I understand a persons credit score tangible assets can be a determining factor but I have yet to build any considerable assets.
I make close to 0K a year before taxes, would that alone be good enough for banks to finance me?
P.S. – I live in the Dallas TX area and I am looking at properties averaging around 0K as rental properties.
Just wondering if building up equity in homes would allow me to borrow to purchase.