advice for rental house

Hi, We would like some advice on this. We recently moved to the 2nd home. The 1st home is currently rented out.

1st home (rental):  market value is around 180K- $200K.  No loan. Ass. fee + tax is about $600. rent is about $1700/M.

2nd home (live in):  loan for $300K.

As the rental income is income, Does it make sense to borrow money from the 1st home and pay principal toward the 2nd home.   What kind of loan is that? So there is interest on the 1st home as cost.

 

Any other suggestion?

 

Thanks,.

所有跟帖： 

• no. -jjj7- ♂ (42 bytes) () 12/13/2011 postreply 10:37:17

• Heloc or cash-out refinance. -planotx- ♂ (43 bytes) () 12/13/2011 postreply 10:38:59

• My bank allows HELOC only from primary home. -sharp123- ♀ (0 bytes) () 12/13/2011 postreply 10:54:44

• try other banks. -planotx- ♂ (29 bytes) () 12/13/2011 postreply 11:20:01

• 谋定而后动 -凌长老- ♂ (169 bytes) () 12/13/2011 postreply 11:45:31