Question: I currently own a property worth around 500K but I bought it for 300K two years ago. Since I have 200K in equity I was thinking about taking out an equity line of credit for about 100K, leaving 20 percent in my current property. With this 100K, I would like to spend 60K (10 percent) as a down payment for a 600K new home. I would then use the other 40K to subsidize some of my income to make the new mortgage payment and at the same time give me a little spare cash in case my current residence doesn"t rent. I estimate that the 40K will subsidize my income for about three years. I am hoping that in three years time my new primary and rental homes" values would have risen enough to allow me continue this same process. Is my thought process sound? Is three years a good time frame?
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