Reply to thread

Message: <blockquote data-quote="Rel" data-source="post: 2717210" data-attributes="member: 99">I don't know how much you earn, punkorange, but I'd seriously consider trying to pour money into the house for a couple years and THEN start the business.  This has several advantages:1) You wouldn't have to worry about finding a way for the extra financing immediately.2) Less of your income would be going to debt service which means that you could pay down your mortgage even faster.3) You'll rapidly be building equity in your home, which is a powerful tool for leveraging more money at good rates.4) The house will (probably) appreciate in value getting you even more equity and borrowing power.5) You can take out an equity loan on the house once it is payed off or nearly so and gain the tax advantage of such a loan on the money you need for the business.Furthemore, one big reason why businesses fail is because they incur debts that cause a strain on the ability of the owner to make payments when the business is first starting.  This won't be nearly so big a problem if you have payed off the house already.</blockquote>