I bought my condo which I live in 1.5 years ago.

I bought it for 205k, and now the value is 160k.

Should I start using IEE and assigning to make money to go out and buy something else, and just rent out the condo?

I would like to buy a multi-family, but the bank says my salary wont cover both mortgages. Unless I come in with like 50% for a down payment. Then there would be less documentation.

I this a good idea?
Thank you



If you rent your condo and

If you rent your condo and show proof to the bank ( a lease) that the rent pays for the condo it self. I am pretty sure you can buy the other property. I know there was a post about this where only 25% ( not sure of the figure) of the condo would go against your income to debt on both homes.

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