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Would taking out a HELOC on my existing property be advisable to buy another one? I have significant equity.

Home is worth about 1.2M. Remaining mortgage is about 575k.

I bought this house for my parents and I live here now too but I need my own apartment. Long story. I’ve thought of renting and that is the fallback.

Monthly mortgage is about 4400 a month. I have a $500 car payment and maybe $1000 for student loans. I really don’t for much other expenses but of course things like food and stuff. Parents pay for utilities at the house.

I gross 7500 per paycheck, so I think the issue is that my DTI is going to be difficult to work with so AI suggested I should reach out to a portfolio lender for a HELOC rather than get a mortgage through a typical bank. I need real human suggestions on my situation.

I’m not sure how much I should be looking at for max prices on condos, but I’m in north NJ. If anyone could give me a guide path that would be really appreciated.

submitted by /u/Anonymous_Hazard
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source https://www.reddit.com/r/RealEstate/comments/1tr58t0/would_taking_out_a_heloc_on_my_existing_property/
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