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Updated over 9 years ago,
pulling equity from home to finance cash deals
hello, first post, thanks for any help.
My home is worth 1.25M, loan is only 350k, tried to get heloc, but bank will only give 200k because of my income.
So I have about 900k in equity, was hoping to get a heloc for 500-600k to buy properties at auction. What other options do I have to pull the equity from my home to get a larger amount?
I have owned 1 investment property which I rented for 2 years, and sold for 225k gross profit. Current home I bought from bank as foreclosure, was a house being constructed when builder went bankrupt, I bought and finished it. This home is up 500k from what I have into it.
So this is how I have so much equity in this house but need a way to pull the equity out.