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Reply to "Can we use equity as down payment to buy a second home?"
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[quote=Anonymous]OP here. At least 3 Neighbors are renting their houses for $5300 and 2 are smaller than ours. To all of the Points on annual profit, we want to rent the house to pay off the mortgage and one day it will be 100% profit, how does this compare to 7% annual return over the long-term? What is a common rental property profit look like? What is home equity loan monthly payment on $400K like? If we could pay $3500 on new home would $5000 cover old mortgage and equity loan? Would we have any cushion for repairs or no tenants for a month? [/quote]
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