Real Estae - Posted by Atl

import · September 13, 2004, 5:45pm

Posted by Mike on September 14, 2004 at 12:24:50:

I suggest getting your Home Equity Line of Credit (HELOC) established prior to having it rented. I am not sure how you qualify your prior residence as an investment property. My guess (and I stress, GUESS) is that the fact that you are renting it out qualifies it as an investment property. You will need to show your lender a signed lease before you buy your owner occ home.
I hope that helps.
Mike

import · September 13, 2004, 5:45pm

Posted by Atl on September 13, 2004 at 17:45:58:

I plan to rent my current house to section 8, but I want to take out the equity and apply it as a down payment to my new house.

What is the best way to get the equity out? Also, what would I need to do to qualify my prior residence as a rental investment property?