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Reply to "Bad idea to get a home equity loan out of a rental and use it for a down payment?"
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[quote=Anonymous]Real estate attorney with a portfolio of several dozen properties (condos Mimi family retail office storage units notes etc). Definitely legal to do. Try td bank. They have the best rates if not owned in an llc. You referenced a equity loan but a pp referenced a heloc. Since the money is being taken for the long term id go with the equity loan (unless you can pay it back within 5 years from rental income). And of course you should only do this if each property stands on its own. [/quote]
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