Unemployed, no debt, house worth 1.3 million

[Sam August]

Hi, I’m in an unusual situation. I cashed out of crypto to buy the house of my dreams. The problem is I sacrificed my retirement money to do so.

Ive been unemployed for 5 years and want to avoid going back to work. I absolutely love real estate and interior design. Given that I have no debt and own a house worth 1.3 million, what are some approaches to leveraging my house with a HELOC to obtain cash flow to avoid employment? Ideally I want to make 60k - 100k a year as soon as possible to continue the lifestyle I'm accustomed to.

One constraint is that I don’t want to house hack. I want to stay in my house without bringing on any tenants.

Thank you!

[Mason Weiss]

If you want to stay in your house, then your only option would be to leverage equity which will probably be in the 8-10% interest rate range.

Not knowing the entire situation, I think you could consider downsizing and then using the proceeds to buy a 2-4 unit property and start making $40-75K right away with still no debt. 

No perfect answer on this one as it will require some sort of sacrifice, just depends on what sacrifice you want to make.