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From: Mike .
Equity
From: Peter
Date: 1/3/00
Time: 8:37:31 AM
Hello & Happy New Year We bought a home and after 18 months & reading "The Book" we went out and bought another. We had gained about $70k equity in our home but after injecting more money & refinancing our own home as well, we now have 2 homes and about $140k equity. But we used equity to buy the second one!
We can't just keep using the same equity over & over can we? Am I wrong in believing it to be similar to a sort of Guarantor? If you use it to purchase a house do you have to build it up again before you buy your next one?
Equity
From: Peter
Date: 1/3/00
Time: 8:37:31 AM
Hello & Happy New Year We bought a home and after 18 months & reading "The Book" we went out and bought another. We had gained about $70k equity in our home but after injecting more money & refinancing our own home as well, we now have 2 homes and about $140k equity. But we used equity to buy the second one!
We can't just keep using the same equity over & over can we? Am I wrong in believing it to be similar to a sort of Guarantor? If you use it to purchase a house do you have to build it up again before you buy your next one?
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