How can I capitalize on 500K+ of equity?

[Robert Feinstein]

Hey BP - Before I say anything I want to say thanks to everyone who has been so welcoming and to the team behind BP I am an avid listener for about 3 months and on my way to Philly from NJ I listen to at least one podcast in each direction. I am in Philly working on a single family buy and hold. 

My question is I do not have a large income ;) and most of it is 1099’d ;) so it is hard for me to obtain conventional loans via a bank. I am in the Philly deal with my brother in law but I am not sure how deep his pockets are and how many deals we can do together. I have a small 401K <100K that i do not want to mess with. I do however have the experience (25+ years) in design, architecture and construction AND i have over 500K in equity in my home (which is a 2 family)

I would like to pull some money out of the home / borrow against the equity but again the banks will be concerned with the debt ratio’s. 

I would consider renting my unit out and buying another multi family (providing positive cash flow against that home) 

Any thoughts on how to tap into the equity? Partnering? I would also love not to use hard money unless someone had a strong opinion on this?

Thanks in advance for any help / advice. 

Thanks Rob

[Shawn Mcenteer]

I just spoke to my lender today from North Jersey Federal Credit Union. He is offering 1% interest for first year on HELOC. Its a great option for fix and flip or something you can mortgage or refi before 1 year expires. After 1 year rates jumps up. PM me if you want a name.