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Updated almost 2 years ago,
Borrowing Money with no Income?
-NYC
-I bought a property for $525k, I still owe 50% on it. Its currently 2 units and sits on a double lot that can be made into 2 three-family houses (6 units total), which will rent out for total of $16.5k a month. It'll cost $1.2M to build.
-Reason I have this info is because I've done the exact deal next door Lol. I bought the next door house a few years prior and developed the exact same 2 three-family houses, rented out for similar rent and sold them to build different projects.
-I don't have the tax returns to take a construction loan on the anticipated project and my capital is invested in different projects right now, and won't be available for a while.
I have a paid for $2M house I can offer as collateral. Can I use this house as collateral to apply for a construction loan? Can I use future rental income as means to qualify for a loan?