Question by VR4Jen: Can you use the money from your home equity loan to buy another house?
Say I remodel my house, end up with 30k in equity, and take out a home equity loan for that amount. Can I turn around and use that 30k as a down payment on another property?
Edit: The new property would be used to renovate/flip and sell.

Best answer:

Answer by PoliPino
I’d assume so, that is if any lender would touch someone with multiple mortgages these days.

Answer by Dorothy B
You could yes, it would then become and investment loan.I’m assuming you would buy this second house for a rental investment? If so then you can write this loan off at the end of the year against your taxable income, and this would make you a landlord.

Know better? Leave your own answer in the comments!

 

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