A CPA recommended to our clients to buy another property to lower their taxes. They wanted to use an existing line of credit (L/C) for the down payment. The problem was that due to their currently high monthly payments, their qualifying ratio was very high.
As a solution, we suggested to refinance the existing two properties to lower their monthly payments, to use the cash out from one of them to double the intended down payment, and to lower the new mortgage to be able to buy a new property.
Cheers,
