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Updated almost 3 years ago,

User Stats

32
Posts
25
Votes
Beau F Borinstein
  • Rental Property Investor
  • USA
25
Votes |
32
Posts

Is there such thing as an asset based HELOC?

Beau F Borinstein
  • Rental Property Investor
  • USA
Posted

I currently own my primary residence free and clear but cannot take out a HELOC even at 50% LTV. This is because I am younger and currently can't show two years of income as self employed. I am considering taking a job as an acquisitions manager for a big flipping company just so I can get the W2 income to get my HELOC, but I understand that is selfish and wouldn't be with the company for very long. I even have a large amount of reserves to cover anything. The primary use of the HELOC would be so that I can do more turnkey properties at a time. Anyone have any advice on an asset based HELOC? Do they even exist?

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