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I'm planning to use the equity in my home to buy a second property - Business Insider

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I'm planning to use the equity in my home to buy a second property and rent it out — here's my exact financial roadmap

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

Financing an investment property takes more cash than a regular mortgage in many cases, as you have to put down a larger down payment and budget for additional landlord-related expenses. Want to know what a financial planner can do for you? Check out Personal Finance Insider's free e-book » One of the most important concepts I learned about in portfolio management is diversification. A diverse portfolio can help reduce your overall risk when set up correctly. For a portfolio of stocks, for example, it's important to not only buy multiple companies, but also to diversify across industries and market segments. That way, if one part of the economy experiences bad results, your entire portfolio won't be impacted.

 

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I'm guessing you weren't around in 2008

Remember when everyone had this same game plan during the 2008 crash? Enjoy.

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