#206: Should You Borrow Against Your Home to Buy Your Next Rental Property? [Ask Coach]
Real Estate Investing with Coach Carson
Chad Carson
4.9 • 613 Ratings
🗓️ 11 February 2022
⏱️ 13 minutes
🧾️ Download transcript
Summary
Episode #206 - Is it smart or stupid to borrow against your home to buy a rental property? In this Ask Coach episode, Coach Carson shares when borrowing against your home makes sense, when it doesn't, and how to borrow safely if you do.
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Transcript
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| 0:00.0 | Let's say you've been working hard, you've been earning money, and you've been saving that money |
| 0:03.6 | month by month in order to buy your next or maybe your first rental property. |
| 0:08.5 | But it's a grind. |
| 0:09.7 | You're having to take longer and longer and you're still not there yet. |
| 0:12.8 | You're getting impatient. |
| 0:14.0 | And so you're facing the choice of should you borrow money against your personal residence, |
| 0:19.0 | either refinancing with a permanent mortgage and pulling |
| 0:21.6 | some cash out or maybe getting a home equity line of credit. But in either case, the point is, |
| 0:26.6 | your decision is, should I borrow that money against my house to invest in real estate and have a |
| 0:31.0 | down payment? Or should I keep waiting until I have enough cash saved up? That's the question I'm |
| 0:36.1 | going to tackle in today's episode of Ask Coach, and we're getting |
| 0:38.5 | started right now. |
| 0:48.0 | Welcome to the Ask Coach edition of the podcast. |
| 0:50.5 | If we haven't met yet, I'm your host, Chad Carson. |
| 0:52.6 | You can also call me a coach. |
| 0:54.1 | My mission here is to help you get out of the Chad Carson. You can also call me a coach. My mission |
| 0:54.5 | here is to help you get out of the financial grind so you can do more of what matters. |
| 0:58.8 | And the Ask Coach podcast series is where I do my best to answer your burning questions |
| 1:02.7 | about real estate investing and personal finance. Today's question comes from one of our viewers |
| 1:06.8 | on YouTube who goes by Ohio Digger says, I'm looking to start buying some single family |
| 1:11.5 | rental properties. I've been saving for the last year or so, but I'm wondering, is there an |
| 1:15.4 | advantage to refinancing my personal home and using that as my down payment? Considering |
... |
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