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Updated about 6 years ago,

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8
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Heather Gates
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8
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Advice on getting funds for house purchase NOT in our name

Heather Gates
Posted

Hey everyone! Newbie here. So my husband and I bought a house as investment property that we moved into over 5 years ago. We had not planned on staying in it that long but health issues kept us here. We got a great deal on it and owner financed it. Then we added a lot of value by adding square footage. Currently we are building the house we plan to move into so that we can rent this house out. It is in prime rental area. So I don't foresee having to wait long before it's rented out and our ROI will be awesome. When we switch the construction loan to a mortgage loan we will have a good bit of equity in the new house and property. We already have a good bit if equity in the future rental house. So a heloc should be easy to obtain. I'd really like to purchase another property on the cheap to start renting asap but we can't put anything in our name until we get the mortgage (debt income ratio). What would you all recommend I do to obtain the funds for this house and small amount of rehab?

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